"Electric Vehicle Era Lithium Securing Battle" US Invests 870 Billion Won in Mining Companies

[Asia Economy New York=Special Correspondent Joselgina] The United States has decided to provide funding worth 870 billion KRW to the Australian mining company Ioneer, which mines lithium, a key material for electric vehicle batteries.

According to major foreign media on the 15th (local time), the U.S. Department of Energy approved a loan of up to 700 million USD (approximately 870 billion KRW) to Ioneer, which is promoting a lithium mining project in Nevada.

This is the first time the U.S. government has directly participated in a lithium mining project through a Department of Energy loan. This is interpreted as a measure to strengthen the domestic electric vehicle supply chain. As the electric vehicle market grows and battery demand surges, securing lithium has emerged as a core competitive advantage.

The Department of Energy stated, "This loan is intended to advance the United States' plan to increase lithium production." The funds will be used to build a lithium carbonate processing facility at the lithium mine site in Nevada and will be provided with a fixed interest rate over a 10-year term. The Department of Energy explained that this will secure enough lithium from the Nevada lithium mine to produce 370,000 electric vehicles annually and reduce gasoline consumption by 145 million gallons.

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