The Korea Overseas Infrastructure & Urban Development Corporation (KIND) is pursuing investment in a lithium and boron plant project in the United States, aiming to secure a critical mineral supply chain.
KIND announced on July 8 that it signed a memorandum of understanding (MOU) with Australian critical mineral developer Ioneer Ltd. for collaboration on the lithium and boron plant project in Nevada. The agreement was finalized on July 7 in Washington, D.C.
The MOU establishes a framework for KIND's equity investment and the participation of domestic companies in engineering, procurement, and construction (EPC) for the project, which has a total estimated cost of approximately $2 billion.
This initiative involves a project in Nevada that will produce lithium and boron, both essential minerals used in electric vehicle batteries and energy storage systems. It is regarded as a strategic infrastructure project for building a domestic supply chain in the U.S.
Nevada is recognized as a key lithium production hub in the United States. Notably, the project will take place at the Rhyolite Ridge mine, a rare deposit where lithium and boron are found together.
Additionally, this project has received approval for a loan guarantee of about $1 billion from the U.S. Department of Energy (DOE). KIND expects that its investment, linked to U.S. government financial support, will enhance project stability and expand opportunities for domestic companies in the EPC sector while securing a critical mineral supply chain.
As the U.S. pursues policies to increase domestic production of critical minerals for energy security and advanced industrial competitiveness, KIND plans to leverage its financial and investment capabilities to support domestic companies entering the U.S. infrastructure market.
Furthermore, as some supply contracts have already been established with domestic battery manufacturers, this project is anticipated to facilitate stable procurement of critical minerals for domestic companies in the future.
KIM Bok-hwan, president of KIND, stated, "This U.S. lithium and boron project is a representative example of cooperation based on energy infrastructure collaboration and policy finance between Korea and the U.S. We will continue to actively support the expansion of U.S. strategic infrastructure investments and the entry of domestic companies into overseas infrastructure markets."
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.