On Thursday, Australia’s ioneer Ltd stated, it has won two contracts for the distribution and sales of boric acid from its flagship Nevada-based U.S. project.

The contracts with Kintamani Resources and Bangladesh-based Boron Bazar, will each be valid for three years, with supplies deliveries from its Rhyolite Ridge lithium-boron project scheduled for the second quarter of 2023. This agreement is however contingent on the condition that ioneer makes a positive final investment decision for the project by early next year.

Boric acid is a key element in making industrial products including EV batteries, ceramics and glasses.

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 India, Myanmar, Bangladesh, and Pakistan.

With the news reaching the market, shares of Sydney-based ioneer jumped by 8.7% to a near one-week high of A$0.125.

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Tags: Australia, Bangladesh, boric acid, Boron Bazar, ceramics, distribution, EV batteries, glasses, India, Indonesia, industrial products, ioneer Ltd, Kintamani Resources, lithium boron, Malaysia, miner, Myanmar, Pakistan, Rhyolite Ridge, sales, Singapore, Thailand, Vietnam Philippines