Home » Mining mogul Neal Froneman moves to invest $490 million for 50-percent stake of ioneer Limited lithium mine

Mining mogul Neal Froneman moves to invest $490 million for 50-percent stake of ioneer Limited lithium mine

by Ishioma Emi

Diversified mining group Sibanye-Stillwater has invested $490 million for a 50-percent stake in ioneer Limited’s Rhyolite Ridge lithium-boron project in Esmeralda County, Nevada.

ioneer’s Nevada project is the largest known lithium and boron deposit in North America. It is estimated at 146.5 million metric tonnes, including an ore reserve of 60 million metric tonnes. 

ioneer is expected to mine and process 63.8 million metric tonnes over the 26-year lifespan of the mine at an average annual rate of 2.5 million metric tonnes per year.

The deal comes amid growing concerns that, without more investment, demand for the metal could far outstrip supply and delay efforts to combat climate change, Mining.com reported

“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 U.S.,” Sibayen-Stillwater CEO Neil Froneman said.

Sibanye-Stillwater is the world’s largest primary producer of platinum, second-largest primary producer of palladium and third largest producer of gold. The company, which has its diversified portfolio in South Africa and the United States, was founded in 2013.

The company is listed on the Johannesburg Stock Exchange. 

ioneer Limited 

ioneer is a Sydney-based mining company that is pioneering the production of materials necessary for a sustainable future. The company is listed on the Australian Stock Exchange and is developing the Nevada mine site to be a future lithium-boron  producer.

Lithium and boron are used in a diverse range of everyday items and innovative technologies that are essential to modern life and emerging clean technologies such as electric vehicles. 

It is also used in the production of soaps and other consumer goods.

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