Biden Backs Nevada Lithium Mine With $700 Million Loan Offer

A Nevada lithium mine that would be only the second in the US is getting backing from the Biden administration as it seeks to boost the domestic supply of the critical mineral needed to make electric vehicle batteries.

The Energy Department issued a conditional commitment for up to $700 million for Ioneer Ltd.’s Rhyolite Ridge Lithium-Boron Project, a prospective supplier to Ford Motor Co. and Toyota Motor Corp. that could produce enough lithium for 370,000 electric vehicles a year. Project partners include mining and metals processing group Sibanye Stillwater Ltd.

The funding, being made through the department’s Advanced Technology Vehicles Manufacturing ...