Australian lithium miner Ioneer said on Wednesday that it has signed separate non-binding memorandums of understanding (MoUs) with South Korea’s Korea Overseas Infrastructure & Urban Development Corporation (KIND) and Hyundai Engineering to help advance its Rhyolite Ridge lithium-boron project.
Under the MoUs, KIND is considering an equity investment in the project, and Hyundai Engineering is evaluating the provision of certain procurement-related activities for the project.
The MoUs were signed by the firms’ executives at the US Department of Energy offices in Washington.
“With the entry into MoUs with KIND and Hyundai Engineering, we are one step closer to a final investment decision,” Ioneer executive chairperson James Calaway said.
Once operational, Rhyolite Ridge will process ore into final products entirely on-site and create and support 275 to 300 permanent positions in rural Nevada, Ioneer said.
Ioneer said there can be no certainty that the MoUs will lead to legally binding agreements.