Mining News

Sibanye-Stillwater grabs 50% of Nevada lithium project for $490m

Share on facebook
Share on twitter
Share on linkedin
Share on email

South African precious metal miner Sibanye-Stillwater (JSE: SSW)(NYSE: SBSW) has taken a 50% stake in ioneer Ltd’s (ASX: INR) lithium-boron project in Nevada, US, for $490 million. 

The deal is one of the largest ever in the US lithium market and comes amid rising concerns that, without more investment, demand for the metal could far outstrip supply and delay efforts to combat climate change. 

It marks Sibanye’s third battery metal investment this year, following its acquisition of a 30% interest in the Keliber lithium mine in Finland and the purchase of a nickel processing plant in Normandy from France’s Eramet. 

The companies said they will form a joint venture to develop the Rhyolite Ridge lithium mine, roughly 355 km (220 miles) north of Las Vegas. 

Deal is one of the largest ever in the US lithium market and comes amid rising concerns of an imminent supply shortage.

Ioneer will remain the project’s operator and tap Sibanye’s experience as the world’s largest miner of platinum group metals (PGMs) to develop the mine, which also has a large supply of boron, used in soaps and other consumer goods. 

Sibanye-Stillwater has agreed to subscribe for a strategic placement of new ordinary shares in ioneer equal to 7.1% of the Australian miner’s ordinary share capital post placement, for about $70 million. 

Both miners noted will start working on secure debt financing to fund the remainder of the $850 million project. Full financing and necessary permits are expected by the end of next year, the miners said, and the project is expected to open by the end of 2024. 

The deal includes ioneer’s right to expand operations to a nearby lithium deposit, in which case Sibanye will have the option to pay $50 million to secure a 50% stake in that project. 

Boost to US lithium supply

Rhyolite Ridge is an advanced stage, large and long-life lithium project located close to Tesla’s Gigafactory and relatively nearby ports in California. 

“Rhyolite Ridge is a world-class lithium project and we recognize its strategic value, with the potential to become the largest lithium mine in the US,” Sibanye-Stillwater chief executive Neal Froneman said in a statement

Once operational the Nevada mine is set to produce 22,00 tonnes of lithium hydroxide, the type used in most Tesla batteries. 

“This transaction is the most significant yet for Sibanye-Stillwater in green/battery metals and in line with the strategy of acquiring assets with proximity to end-user markets,” BMO Capital Markets analyst Joseph Brady said in a note to investors. 

The planned mine is expected to boost local lithium supply to US carmakers and battery producers. In June ioneer signed an agreement to supply lithium carbonate to a unit of South Korean battery maker Ecopro. But the mine has faced opposition from some conservationists because of the presence of the rare Tiehm’s Buckwheat flower on its site. 

Share this article

Share on facebook
Share on twitter
Share on linkedin
Share on email
Prev
l&x_lay=slow&f-wi=Work+S:&q&papdote=F Fullal-Lecti&motif=F Fullal& /span>
t;,-ge is an-redivisnuot;re-itmentt>r"> t;,-redivisnge is an__nvinredivinuot;e : { 't;,-nimg-bus-d in': rediviSubmi dat }" > r"> rediviC-winto" v-model rediviC-winto" y /span> r"> /span> r"> t;,-nvinredivinc-wisiz t;,-nvinredivina;:hr--na--t v-i $root.guestNa--FieldVisia_e" v /span> r"> t;,-nvinredivinc-wisiz t;,-nvinredivina;:hr--are-b v-i $root.guestMre-FieldVisia_e" v /span> r"> on-w OncngInputT-wie :maurifield.field_maue :steprifield.field_stepe :labelrifield.field_labell v-model field.field_trate" y
r"> t;,-nvinredivinc-wisizs" v on-w
on-wv-i uot;C-wisizsVisia_e" t;,-redivisnlementot;,-redivisnlement--primary" t;,deyourite @clickdgsubmi Redivie @keyup.e-alidgsubmi Redivie ="column">
r"> t;,-nvinredivinmandgel v-i uot;MandgeVisia_e" v t;,-ge is an-redivisnne-ire-itmentt>r"> > r"> t;,-redivisny to-data__avatar" v-html ne-iData.t;:hr-=avatar" v-i $root.have ts.rediviA;:hr-AvatarVisia_e" y
ro t{{ ne-iData.em--.humanlayff }}tor-roero Tinto hit withtor-roe< t;,-redivisny to-data__vermost ve ts" v-i t;:hr-Vermost ve tData" ontainet withtor-roe/span> /span> Oncng" v-i tverdgeROncngVisia_e" nto hit w> OncngLarall" :beuotcle_enabl :>Oncng="+ne-iData.>Oncng" :afalidg'p forsnfield' === $root.have ts.>OncngLarall ? tverdgeROncngData.trate : _enabl y Oncng" v-i deidglsROncngVisia_e" nto hit w> OncngLarall" :key="deyou" :beuotclene-i.field_labell :>Oncng="Math.ter-b( +ne-i.field_trate * ntor/ +ne-i.field_mau )" :afalidg'p forsnfield' === $root.have ts.>OncngLarall ? +ne-i.field_trate : _enabl y
<">
r"> t;,-redivisnge is an__redivin-lwidget-c v s art

s sita

r"> t;,-redivisnge is an__redivinfootget v on-wra t;,-redivisnlementot;,-redivisnlement--divos fay" : { 't;,-nimg-bus-d in': apnimtraSubmi dat }" t;,deyourite @clickdgupem--ApnimtraHandler( '"sf-' )" @keyup.e-alidgupem--ApnimtraHandler( '"sf-' )" /span> on-wra t;,-redivisnlementot;,-redivisnlement--divos fay" : { 't;,-nimg-bus-d in': apnimtraSubmi dat }" t;,deyourite @clickdgupem--ApnimtraHandler( 'dis"sf-' )" @keyup.e-alidgupem--ApnimtraHandler( 'dis"sf-' )" /span> on-wrav-i !isClientosEmpty" t;,-redivisnlementot;,-redivisnlement--primary" t;,deyourite @clickdgtoggleClientosVisia_e" @keyup.e-alidgtoggleClientosVisia_e" /span> on-wrav-i y toCanClientob t;,-redivisnlementot;,-redivisnlement--primary" t;,deyourite @clickdgshowClientoFot;e @keyup.e-alidgetswClientoFot;e /span>
<"> t;,-redivi-nvin-lientob : { 't;,-nimg-bus-d in': -lientoSubmi dat }" v-i clientoFot;Visia_e" > t;,-redivi-nvin-liento-uot;e / -lientoC-winto" v-model -lientoT-but y on-wra t;,-redivi-nvin-liento-c-wisizs" ontainer"> tor-roe t;,-redivisnlementot;,-redivisnlement--divos fay" t;,deyourite @clickdgcis alNewClientob @keyup.e-alidgcis alNewClientob ntor-roer">
on-wra t;,-redivi-nvin-liento-mandgel v-i respom sMandgel
<"> t;,-redivisnge is an__redivin-lientoa" v-i isClientosVisia_e" >
t;,-ge is an-redivisnp fornfieldre-itmentt>r"> t;,-redivisnfieldot;,-redivisnp forsnfield" : >OncngC " ionr"> t;,-redivisnfield__label t;,-redivisnfield__label-beuotcl v-i !isBeuotcEmpty" v er"> Oncng"v <"> <">
r"> t;,-redivisnfield__label t;,-redivisnfield__label-afalil v-i !isAfaliEmpty" v t;,-ge is an-redivisnslentorinput-e-itmentt>r"> t;,-redivisnslentorinput t;,-redivisnraultninpute / < /span> /span> t;,-ge is an-redivisnsuarnfieldre-itmentt>r"> t;,-redivisnfieldot;,-redivisnsuarsnfield" : >OncngC " ionr"> t;,-redivisnfield__label t;,-redivisnfield__label-beuotcl v-i !isBeuotcEmpty" v er"> Oncng"v t;,-redivisnsuarsot;,-redivisnsuarsn-adjus-btn v-html emptyIon-a" >
<"> t;,-redivisnsuarsot;,-redivisnsuarsn-filled" :stypr { <: prdiviedROncng + '%' }" v-html filledIon-a" >
<"> t;,-redivisnsuarsot;,-redivisnsuarsn-empty" :stypr { <: ( ntor- prdiviedROncng ) + '%' }" v-html emptyIon-a" >
r"> t;,-redivisnfield__label t;,-redivisnfield__label-afalil v-i !isAfaliEmpty" v t;,-ge is an-redivisnsuarsninput-e-itmentt>r"> t;,-redivisnsuarsninpute / < /span> <"> t;,-redivisnfieldot;,-redivisnsuarsnfield" : >OncngC " v on-w Oncng" > t;,-redivisnsuarsot;,-redivisnsuarsn-adjus-btn @mouseout=">OncngMouseOut()t y on-wra t;,-redivisnstar" v-uot="deyouadymaue :key="deyou" v-html emptyIon-e @clickdg>OncngC ick( deyou )" @mouseovlidg>OncngMouseOver( deyou )" >/span> t;,-redivisnsuarsot;,-redivisnsuarsn-filled" :stypr { <: prdiviedROncng + '%' }" v-html filledIon-a" > t;,-redivisnsuarsot;,-redivisnsuarsn-empty" :stypr { <: ( ntor- prdiviedROncng ) + '%' }" v-html emptyIon-a" y
r /span> t;,-redivisnlementoragin ve tie-itmentt>r"> : - esL_la" > er"> : [baseC + '__ne-is']"v : igatC es" v-html igatIon-e @clickdgn__li >
<"> : firstPdgeC es" @clickdgchaultPdge(1)t>ro t1 <"> v-i curretoPdge > 5" : [baseC + '__ne-i', baseC + '__ne-i--jumpon__a']" @clickdgfastPr_link__pr>... <"> v-i curretoPdge === 5" : [baseC + '__ne-i']" @clickdgchaultPdge(curretoPdge - 3)ty"> >{{ -urretoPdge - 3 }} <"> v-i curretoPdge - 2 > 1" : [baseC + '__ne-i']" @clickdgchaultPdge(curretoPdge - 2)ty"> >{{ -urretoPdge - 2 }} <"> v-i curretoPdge - 1 > 1" : [baseC + '__ne-i']" @clickdgchaultPdge(curretoPdge - 1)ty"> >{{ -urretoPdge - 1 }} <"> v-i curretoPdge != 1 && curretoPdge != allPdges" : [baseC + '__ne-i',baseC + '__ne-i--ews/ve']"v"> >{{ -urretoPdge }} <"> v-i curretoPdge + 1 < allPdges" : [baseC + '__ne-i']" @clickdgchaultPdge(curretoPdge + 1)ty"> >{{ -urretoPdge + 1 }} <"> v-i curretoPdge + 2 < allPdges" : [baseC + '__ne-i']" @clickdgchaultPdge(curretoPdge + 2)ty"> >{{ -urretoPdge + 2 }} <"> v-i allPdges - curretoPdge === 4" : [baseC + '__ne-i']" @clickdgchaultPdge(curretoPdge + 3)ty"> >{{ -urretoPdge + 3 }} <"> v-i allPdges - curretoPdge >= 5" : [baseC + '__ne-i', baseC + '__ne-i--jumpon-bu']" @clickdgfastN-buttk__pr>... <"> v-i allPdges > 1" : lastPdgeC es" @clickdgchaultPdge(allPdges)ty"> >{{ allPdges }} <"> : n-buC es" v-html n-buIon-e @clickdgn-but
titm-t;,-gjax-search-resultsnne-i"v r"> {{{data."snk}}}" uarent {{{data."snk_uarent_attr}}}" {{{data.thumbnail}}} <"> {{{data.r-butto}}} <{{{data.afali_r-butto}}} {{{data.>Oncng}}} {{{data.pricr}}}
ivdd tptiir-butrel='styprsheet'> '-col-100 elon-a-fa-brands-css' r"> ' ' \\r\\n \\r\\n \\r\\n Pop="c<\\\/have t>\\r\\n Private<\\\/have t>\\r\\n <\\\/s-coct>\\r\\n \\\"#\\\" Upem-- /o <\\\/sev\\r\\n \\\"#\\\" Closrs\\\/a>\\r\\n <"> <\\\/ \\r\\n <\\\/ \"","cattgory_d-cote_successt:"Centgory d-coted success-secy","cattgory_d-cote_errort:"U_ha_e to d-cote th- cattgory","areyousuretod-cotecatt:"Are you sure you want to d-cote this Bookmark Centgory?","areyousuretod-cotebookmarkt:"Are you sure you want to d-cote this Bookmark?","bookmark_failedt:"Faild to Bookmark","bookmark_removedt:"Bookmark Removedt,"bookmark_removed_empty":"All Bookmarks Removedt,"bookmark_removed_failedt:"Bookmark Removed Failedt,"error_msgt:"Error soadcng data. Respom s cod- = ","cattgory_na--_empty":"Centgory na-- c not be empty", add_to_leme_="button:"Click Centgory no Bookmark","add_to_leme_cat_x_la":"Click no Edit Centgory","add_to_leme_cat_editt:"Edit Centgory","add_to_leme_cat_creentt:"Creent Centgory","add_to_leme_max_catt:"Maximum cattgory limit reechedt,"max_cat_limitt:"0t,"max_cat_limit_errort:"Sorry, you reeched th- maximum cattgory limit and no creent one one, saease d-cote unnecessary cattgories firstt,"y to_curreto_cat_cfavot:"0t,"y to_curreto_catst:"t,"y to_can_creent_catt:"1t,"bookmark_modet:"y to_catt,"bookmark_not_fer-bt:"No bookmarks fer-bt,"soad_moret:"Load Motco...","cattgory_d-butto_d inust:"1t,"d-cote_all_bookmarks_by_y to_confirmt:"Are you sure to d-cote all of your bookmarks? This process c not be r-bone."}; /* ]]> */ '-ael-googls-api-js'> /* */ */ */ */ */ */ */ */ */ */ */ ied tptxasync 3E" "