South Africa’s Sibanye-Stillwater has announced it has reached agreement with ioneer Limited to set up a joint venture related to the Rhyolite Ridge Lithium-Boron Project.
“Following the satisfaction of all conditions precedent as detailed in Trans-action Details, paragraph 4 below, Sibanye-Stillwater will contribute US$490 million for a 50% interest in the Joint Venture, with ioneer main-taining a 50% interest and retaining the operational management respon-sibility for the Joint Venture,” Sibanye-Stillwater said in a statement.
“In addition, Sibanye-Stillwater has agreed to subscribe for a strategic placement of new ordinary shares in ioneer equal to 7.1% of ioneer’s or-dinary share capital post placement … for approximately US$70 million,” according to the statement.
Rhyolite Ridge is a lithium-boron deposit located close to existing infra-structure. It is expected to be one of the first large scale lithium projects in the US to enter production, currently anticipated in the second half of 2024, according to the statement.