Lithium Americas and GM close joint venture for Thacker Pass mine
9:24 am Monday, December 23rd, 2024
(Reuters) – Lithium Americas said on Monday it has closed its joint venture with U.S. automaker General Motors to develop the Thacker Pass lithium mine in Nevada.
The miner’s CEO, Jonathan Evans said that the company is expected to make a final investment decision on the project in early 2025.
Under the JV agreement, first announced in October, GM would contribute $625 million to the project to gain a 38% stake in Thacker Pass in the form of cash and a credit facility.
The deal’s closing provides another boost for the giant lithium mine, months after the U.S. finalized a $2.26 billion loan for the Nevada project.
Though the loan was granted under the Biden Administration, the U.S. President-elect Donald Trump had approved the mine during his previous term.
Thacker Pass, slated to open later this decade, is expected to produce 40,000 metric tons of battery-quality lithium carbonate per year in its first phase, enough for up to 800,000 electric vehicles.
(Reporting by Vallari Srivastava in Bengaluru; Editing by Tasim Zahid)
