ioneer ( NASDAQ: IONR ) finalises term sheet and offer of a conditional commitment for a proposed loan of up to $700M from the U.S. Department of Energy (DOE) loan programs office for financing the construction of the Rhyolite Ridge Lithium-Boron Project in Nevada, USA.
The term of the loan is approximately 10 years.
The loan will be at an interest rate fixed from the date of each advance for the term of the loan at applicable U.S. Treasury rates.
The proposed loan is to be made under the DOE's Advanced Technology Vehicles Manufacturing (ATVM) loan program in support of the Biden Administration's critical minerals strategy.
The application was deemed substantially complete in December 2021 which initiated a third-party due diligence process that has been ongoing since March 2022.
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ioneer finalizes offer for a proposed loan of up to $700M