Hyundai Engineering announced on the 8th that it signed a business agreement in Washington, D.C., USA on the 7th local time to perform purchasing services for the ‘Rhoolite Ridge Lithium and Boron Project’ promoted by Ioneer, an Australian core mineral developer. This agreement specifies the scope of cooperation between the two companies based on the letter of intent to participate submitted by Hyundai Engineering last month. Hyundai Engineering plans to carry out the purchase of major equipment and materials in this project. The signing ceremony was attended by First Vice Minister of Land, Infrastructure and Transport Kim Lee-tak, U.S. Deputy Secretary of Energy Kyle Haustweit, Kim Bok-hwan, President of Korea Overseas Infrastructure and Urban Development Corporation, Lee Seung-dong, head of Hyundai Engineering's Chemical Engineering Division, and Ioneer Chairman of the Board of Directors James Callaway. This project has a total project cost of approximately 2 billion dollars, and Hanwha approx. It is being promoted at a scale of 3.1 trillion won. The business site is Rhyolite Ridge Mine, Nevada, USA. The mine is a complex mine in which lithium and boron are deposited together, and is evaluated as a business site that is in close contact with the establishment of a North American core mineral supply chain. Lithium is used in electric vehicle batteries and battery energy storage.