Signs MOU with Australia’s Ioneer for the Rhyolite Ridge Project
Kim Yi-tak, First Vice Minister of Land, Infrastructure and Transport (back row, right), Kyle Haugstad, U.S. Deputy Secretary of Energy (back row, left), Kim Bok-hwan, President of Korea Overseas Infrastructure & Urban Development Corporation (KIND) (front row, left), Lee Seung-dong, Head of the Petrochemical Division at Hyundai Engineering (front row, right), and James Callaway, Chairman of the Board at Ioneer (front row, center), pose for a commemorative photo (provided by Hyundai Engineering).
Hyundai Engineering is entering the North American critical mineral plant market by participating in a lithium and boron production project in the United States worth KRW 3.1 trillion.
Hyundai Engineering announced on the 8th that it signed a memorandum of understanding (MOU) for the “Rhyolite Ridge Lithium-Boron Project” with Australian mineral developer Ioneer in Washington, U.S., on the 7th (local time).
The core of this project is the construction and operation of lithium and boron production facilities at the Rhyolite Ridge mine in Nevada, U.S. The total project cost is approximately USD 2 billion (KRW 3.1 trillion). Hyundai Engineering will be responsible for the procurement of major equipment and materials, while Ioneer will produce the final products—lithium carbonate and boric acid—at the local plant. Lithium is used in batteries and battery energy storage systems (BESS), and boron is a material used in high-tech industries such as semiconductors and ceramics. Hyundai Engineering stated, “By participating in the critical mineral supply chain build-out project being pursued by the U.S. government, the company will expand related business opportunities.”
Lee Chuk-bok
AI-translated with ChatGPT. Provided as is; original Korean text prevails.
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