The U.S. Interior Department on Thursday gave final approval to Ioneer' s Rhyolite Ridge lithium mine in Nevada, the first domestic source of the battery metal to be permitted by President Joe Biden's administration and one that will become a key supplier to Ford and other electric vehicle manufacturers.

For the first time under President Joe Biden, a federal permit for a new lithium mine in the U.S. has been approved.

The Biden administration has issued its first approval for a lithium mine, ramping up efforts to shift the US critical minerals supply chain away from China. Most Read from BloombergBooming Cambridge Exposes England’s Widening Wealth GapRobotaxis Are No Friend of Public TransportationOman Sees an Urban Future Distinct From Dubai and Abu DhabiClimate Change Is Killing Buildings in Slow MotionArgentina Drug Trafficking Hotspot Sees Murders PlungeIoneer Ltd.