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.

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 has pulled out of US lithium/boron project Rhyolite Ridge which would have committed it to spending just under $500m for a 50% stake. The Johannesburg-headquartered group said in a statement on Wednesday that its board found the project did not meet its investment hurdles “at prudent pricing assumptions”.

South African precious metals miner Sibanye-Stillwater (JSE: SSW) (NYSE: SBSW) has scrapped its planned investment in the Rhyolite Ridge lithium-boron project in the US state of Nevada, due in part to weak prices.

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

Sibanye-Stillwater said it has decided not to proceed with the Rhyolite Ridge lithium-boron project in Nevada, US. In 2021, Sibanye reached an agreement