KIND

KIND Moves Forward with U.S. Critical Minerals Project for Lithium and Boron Production

-Signs MOU on a KRW 3 trillion lithium-boron plant project in Nevada
-Pursues KIND investment and Korean companies' participation in a project backed by a USD 1 billion loan approved by the U.S. Department of Energy

The Korea Overseas Infrastructure & Urban Development Corporation (KIND, President Kim Bok-hwan) announced that on July 7 (local time, Washington, D.C.), it signed a memorandum of understanding (MOU) with Ioneer Ltd, an Australian critical minerals developer, to cooperate on participation in a lithium-boron plant project in Nevada, U.S., involving critical minerals.  

The MOU was signed to establish a foundation for cooperation on the approximately USD 2 billion lithium-boron plant project in Nevada, under which KIND will pursue an equity investment and Korean companies will seek to participate in the EPC (Engineering, Procurement and Construction) portion of the project.

The project is a critical minerals plant that will produce lithium and boron in Nevada. Lithium is a key raw material for advanced industries, including electric vehicle batteries and battery energy storage systems (BESS). The project is regarded as a strategic infrastructure venture that can contribute to building a critical minerals supply chain within the United States.

Notably, the project has secured a loan guarantee of approximately USD 1 billion from the U.S. Department of Energy (DOE), aligning with the U.S. government's policy drive for self-sufficiency in critical minerals and supply chain stabilization. Building on the combination of DOE financing and KIND's investment, the project is expected to secure a stable foundation for implementation, while also contributing to Korean companies' EPC participation and to securing a critical minerals supply chain.

The United States has recently been actively expanding domestic production of critical minerals to strengthen energy security and the competitiveness of its advanced industries. Korea's Ministry of Land, Infrastructure and Transport (MOLIT) is likewise actively leveraging policy financing tools—including the PIS (Plant, Infrastructure and Smart City) Fund and KIND—to help Korean companies expand into the U.S. energy infrastructure market, supporting tangible overseas business results across a wide range of infrastructure sectors, including oil and gas, power generation, transmission and distribution networks, and critical minerals.

This partnership represents a case of linking policy financing with the overseas business capabilities of private companies, in step with the policy directions of both Korea and the United States. KIND plans to pursue equity investment and financial support together with Korean companies' EPC participation, actively supporting the development of the U.S. critical minerals supply chain and the expansion of Korean companies into overseas infrastructure markets.

In addition, as the project already has offtake agreements in place with certain Korean battery manufacturers, it is expected to have a positive effect on securing a stable critical minerals supply chain for Korean companies going forward.

Through this project, KIND intends to broaden its base for participating in investment-development-type projects alongside foreign government agencies, and to actively support Korean companies in winning more overseas contracts and advancing their projects by leveraging its policy financing and investment capabilities.

"This U.S. lithium-boron project is a signature example of cooperation built on Korea-U.S. energy infrastructure collaboration and policy financing linkage," said Kim Bok-hwan, President of KIND. "KIND will continue to expand its investments in strategic infrastructure in the United States and support Korean companies in making stronger inroads into critical supply chains and the energy infrastructure market."