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.

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.

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