The U.S. Interior Department on Thursday gave final approval to ioneer's Rhyolite Ridge lithium mine in Nevada, the first domestic source of the battery metal to be permitted by President Joe Biden's administration and one that will become a key supplier to Ford and other electric vehicle manufacturers.

For the first time under President Joe Biden, a federal permit for a new lithium mine in the U.S. has been approved.

The US government has approved the construction of a massive new lithium mine in Nevada as part of a strategy to break China’s dominance over the supply chain of critical minerals used in EVs.