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Ioneer Ltd. shares jumped after the US published a favorable environmental impact statement on the company’s lithium project in Nevada.

The Bureau of Land Management’s final analysis brings Ioneer closer to building the Rhyolite Ridge lithium-boron mine project near Tonopah, Nevada, the Australian company said in a Thursday statement . If approved, the mine could produce enough lithium to supply nearly 370,000 electric vehicles a year, the US bureau said in a separate statement.