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U.S. Boosts Lithium Production with $996M Loan for EVs

1/18/2025

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Summary

Story summary

The U.S. Department of Energy has backed Ioneer Rhyolite Ridge LLC with a staggering $996 million loan to boost lithium carbonate production in Nevada, paving the way for over 370,000 electric vehicles each year. Simultaneously, Rio Tinto's acquisition of Arcadium strengthens its foothold in Argentina, propelling the nation into a key role in the booming EV industry.

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Story summary

The U.S. Department of Energy has backed Ioneer Rhyolite Ridge LLC with a staggering $996 million loan to boost lithium carbonate production in Nevada, paving the way for over 370,000 electric vehicles each year. Simultaneously, Rio Tinto's acquisition of Arcadium strengthens its foothold in Argentina, propelling the nation into a key role in the booming EV industry.