Washington | Australian lithium miner Ioneer has received a $US996 million ($1.6 billion) loan from the US Department of Energy in what is a record for an Australian company, reflecting the urgency felt by the US to compete with China on critical minerals.

The 20-year loan will be used to develop an on-site processing facility at the company’s Rhyolite Ridge lithium-boron project in Esmeralda County, Nevada.