ioneer (ASX:INR) inks new agreement with Ford, shares gain

3 min read | July 22, 2022 02:44 PM AEST | By Bhawna Gupta

ioneer (ASX:INR) inks new agreement with Ford, shares gain — Image source: © Willgame | Megapixl.com

Other details of the deal

ioneer will provide Ford with 7,000 tonnes of lithium carbonate annually over five years, beginning in 2025. Through BlueOval SK, the joint venture between Ford and SK for the manufacture of batteries, Ford aims to employ ioneer's lithium carbonate to create batteries for Ford electric vehicles.

Ioneer can produce lithium not only in the United States but also at the lowest point on the worldwide cost curve because of the dual production of metal and boric acid. Ioneer plans to start manufacturing in the second half of 2025 to meet the country's urgent demand for battery materials.

About ioneer

The Rhyolite Ridge Lithium-Boron Project is owned by ioneer Ltd. It is the only known lithium-boron deposit in North America and only the second known such deposits in the world.

Data Source- Company announcement dated 22 July 2022

The 2020 Definitive Feasibility Study (DFS) verified Rhyolite Ridge as a top-tier lithium and boron project that is anticipated to develop into a large, long-lived, affordable source of these elements necessary for a sustainable future.

To expand the Rhyolite Ridge project, ioneer and Sibanye Stillwater Ltd. established a 50/50 joint venture agreement in September 2021. Ioneer also signed an offtake deal with Korea's EcoPro Innovation in 2021. The Project will be run by ioneer and is anticipated to go live in 2025.

Stock performance: Shares of ioneer has provided a negative return of around 39% YTD while the shares have jumped over 27% in the last one year (details taken at 1.57 PM AEST).

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