Ioneer signs agreements for Nevada mining project

• Ioneer signed non-binding agreements with South Korean firms KIND and Hyundai Engineering.
• The company's share price dropped 5% to $0.15 following the announcement.
• The partnerships aim to advance the development of the Rhyolite Ridge mining project.

Ioneer (ASX:INR) signed non-binding agreements with two South Korean firms to advance its US$220 million Nevada mining project.

The company has already completed more than 70% of its advanced engineering work for the development since 2016.

"We look forward to what we will accomplish together," said Ioneer Managing Director Bernard Rowe.

The company stated that the completed development will create and support 275 to 300 permanent positions in rural Nevada.

Following the announcement, the Ioneer share price was down at $0.15.

Under the agreements, KIND is considering an equity investment while Hyundai Engineering evaluates providing procurement-related activities.

The site contains the only known lithium-boron reserve in North America and represents one of two such deposits globally.