Ioneer's Rhyolite Ridge Lithium-Boron Project Reserves Quadruple, Extending Mine Life but Increasing Costs

Published: Jun 5, 2025 11:35

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Australian mining company Ioneer announced that the ore reserves at its Rhyolite Ridge lithium-boron project in Nevada, US, have quadrupled, with lithium carbonate equivalent (LCE) reserves reaching 1.92 million mt and boric acid equivalent reserves reaching 7.68 million mt, making it the largest known lithium-boron deposit globally. The mine's life has been significantly extended from the previously estimated 26 years to 95 years, with annual production expected to reach 17,200 mt of lithium carbonate and 60,400 mt of boric acid. However, development costs have also risen sharply, with capital expenditure increasing from US$800 million to US$1.67 billion, and the full-cycle sustaining cost rising to US$7,500/mt of lithium carbonate. Despite the after-tax net present value increasing from US$1.26 billion to US$1.5 billion, the internal rate of return has decreased from 20.8% to 14.5%. The company stated that the new reserves and mining plan enable the project to flexibly respond to market conditions, prioritizing the production of high-value boric acid, a unique advantage not shared by other lithium projects.

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