Emerging lithium-boron supplier ioneer (ASX: INR) reports its American Depositary Receipts (ADR) have begun trading on New York’s Nasdaq exchange under ticker code ‘IONR’.
As the company explains it, “North American investors can now support the clean energy supply chain as the US domestic electrification revolution via Nasdaq”.
The ADR began trading on Thursday.
ioneer’s Rhyolite Ridge lithium-boron project is located in Nevada, US, and is the only known lithium-boron deposit in North America and one of only two known such deposits in the world.
A joint venture was established over Rhyolite Ridge in September last year where Sibanye-Stillwater is contributing $490 million to the project’s development in return for a 50% stake.
In addition to its Nasdaq listing, ioneer said key work streams are progressing well at Rhyolite Ridge, including lithium offtake talks, debt funding, detailed engineering and federal permitting.
Final stages of offtake agreements
The debt funding involves due diligence now being undertaken with the US Department of Energy Loans, while the company is in the final stages of documentation for two lithium offtake agreements.
The company says these agreements will ensure that its Nevada lithium is committed to the US’s electric vehicle supply chain.
ioneer has said previously it is expecting to be the lowest cost lithium producer in the world once its Rhyolite Ridge begins producing.
This week the company announced it has commissioned French-owned Veolia Water Technologies for major engineering design and equipment.
ioneer expects not only to be the world’s lowest cost lithium producer, but also to become one of the first of the operating major lithium suppliers in the US — and located close to emerging battery megafactories.
Making it easier for North American investors
ioneer executive chairman James Calaway said Rhyolite Ridge is a world-class project and the company is ideally positioned to play a major role in the energy transition.
“We believe making it easier for North American capital markets participants to invest in ioneer is consistent with our ambition to produce materials necessary to develop electric vehicles and renewable energy supply chain infrastructure in North America,” he added.
According to a report from London-based Benchmark Mineral Intelligence, the US in 2030 — which by then will have the world’s second largest car fleet (after China’s) — will require 300,000 tonnes per annum of lithium to fuel the batteries being installed in automobiles.