Sibanye Stillwater (NYSE:SBSW) -4% pre-market Wednesday after saying it will not proceed with the Rhyolite Ridge lithium-boron joint venture project in Nevada, in the wake of sustained lithium price weakness.

The Rhyolite Ridge Project, which was initially announced to be part of a joint venture back in September 2021, aimed to capitalise on the growing demand for lithium and boron as critical components for battery manufacturing.

Sibanye Stillwater Ltd. scrapped plans to take a major stake in a large US lithium mine being developed by Australia’s Ioneer Ltd.Most Read from BloombergNYC’s Congestion Pricing Pulls In $48.6 Millio

The federally backed lithium mine and processing plant in Nevada is seen as key to pumping out ingredients for electric vehicle supply chains.

Rhyolite Ridge’s biggest investor has pulled out of the project saying it did not meet their pricing assumptions. South African precious metals mining company Sibanye-Stillwater has pulled out of the lithium-boron project from company Ioneer Limited.