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Australia's ioneer signs boric acid supply deals for flagship U.S. project

Published 05/21/2020, 11:29 AM
Updated 05/21/2020, 11:30 AM
INR
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May 21 (Reuters) - Australian explorer ioneer Ltd INR.AX
said on Thursday it secured two agreements for the distribution
and sales of boric acid from its flagship Nevada, U.S. project,
sending its shares nearly 9% higher.
The company said the agreements with Southeast Asia-focused
Kintamani Resources and Bangladesh-based Boron Bazar will each
be valid for three years, with initial supply from its Rhyolite
Ridge lithium-boron project expected in the second quarter of
2023.
However, the agreement is subject to a condition that ioneer
makes a positive final investment decision for the project by
early next year.
Boric acid is used in making various consumer and industrial
products such as glass, ceramics and EV batteries.
The lithium-boron miner, which had signed a similar supply
deal last year with Chinese industrial material wholesaler
Dalian Jinma Boron Technology Group for the project, did not
disclose financial details of the new agreements. Kintamani will be responsible for distribution of boric acid
in Malaysia, Indonesia, Singapore, Thailand, Vietnam and the
Philippines, while Boron Bazar will be responsible for
Bangladesh, India, Pakistan and Myanmar.
Shares of the Sydney-based firm climbed as much as 8.7% to a
near one-week high of A$0.125.

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