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.

Federal land managers gave their final approval Thursday for a massive lithium-boron mine in Southern Nevada, becoming the first domestic lithium project to get full regulatory approval under the Biden Administration.