Hyundai Engineering is accelerating its expansion into the North American critical minerals market by joining a large-scale lithium and boron development project in the United States.
Hyundai Engineering announced on July 8 that it has signed a cooperation agreement with Australian critical minerals developer Ioneer to carry out procurement activities for the Rhyolite Ridge Lithium-Boron Project in Nevada.
The agreement marks the company’s official entry into the project following a letter of intent submitted in June. Through the partnership, Hyundai Engineering will take responsibility for procurement-related work and support the successful development of the resource processing facility.
The Rhyolite Ridge project is an investment development project valued at approximately $2 billion (about KRW 3.1 trillion). The project involves the construction of a processing plant that will produce lithium and boron, two strategic materials essential for advanced industries such as electric vehicle batteries, semiconductors, and renewable energy technologies.
The project is expected to operate for approximately 20 years, including two years of construction and 18 years of commercial operations. Once completed, the facility is projected to produce around 20,000 tons of lithium carbonate and 130,000 tons of boric acid annually.
Hyundai Engineering plans to use the project as a stepping stone to strengthen its capabilities in the North American critical minerals plant market and expand opportunities in related sectors.
The company aims to build expertise in resource-related infrastructure projects as demand grows for stable supply chains of key materials. Lithium, in particular, has become a strategically important resource due to the rapid expansion of electric vehicles and energy storage systems.
The Korea Overseas Infrastructure & Urban Development Corporation (KIND) is also reviewing potential equity participation in the project. The involvement of government agencies, policy financial institutions, and private companies is expected to create a cooperative framework that supports overseas infrastructure expansion by Korean businesses.
Industry observers view the project as more than a plant construction initiative, noting its importance in securing critical mineral supply chains and expanding Korea’s presence in strategic global industries.
Government officials and industry leaders attended the agreement signing ceremony held in Washington, D.C., including representatives from the Korean government, the U.S. Department of Energy, KIND, Hyundai Engineering, and Ioneer.
A Hyundai Engineering official said, “Through this collaboration, we will strengthen our foundation in the North American critical minerals market and continue to discover new business opportunities in future growth sectors.”
