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 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”.

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

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.