Stock Track | Sibanye Stillwater Soars on Positive Progress for Nevada Lithium Mine

Stock Track09-19

Shares of Sibanye Stillwater (SBSW) surged 6.05% in pre-market trading on Wednesday, following positive developments for the Rhyolite Ridge lithium mine project in Nevada, in which the company has agreed to acquire a 50% stake.

The U.S. Bureau of Land Management (BLM) has published a final environmental impact statement for the proposed Rhyolite Ridge mine, owned by Ioneer (IONR). This marks a significant step forward in the permitting process, bringing the project closer to obtaining final approval after a six-year review process.

The Rhyolite Ridge mine is expected to be one of North America's largest sources of lithium, with the potential to produce enough lithium to power approximately 370,000 electric vehicles annually. In 2021, Sibanye Stillwater agreed to purchase a 50% interest in the project for $490 million once Ioneer secures the necessary permits.

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