The litiera and the automotive company will invest to develop the Thacker Pass lithium mine in Nevada. The mine is located within the 30 km by 45 km extinct McDermitt Caldera supervolcano.
Lithium Americas agreed to create a joint venture with the American vehicle manufacturer General Motors to develop the Thacker Pass lithium mine in Nevada for electric cars.
Litiera now owns a 62% stake in Thacker Pass and will manage the project. Meanwhile, GM acquired a 38% stake in Thacker Pass for US$625 million in cash and letters of credit, consisting of US$430 million of direct cash financing to the Joint Venture to support the construction of Phase 11 and a line of credit with letter of US$195 million.
The closing of the agreement represents a new impetus for the gigantic lithium minemonths after the United States made a loan of 2.26 billion dollars for the lithium project.
Thacker Pass Lithium Project Nevada United States
The objective that the companies hope to achieve is that Thacker Pass produces 40,000 metric tons of lithium carbonate with quality for batteries per year in its first phase, enough for up to 800,000 electric vehicles.
The president and CEO of Lithium Americas, Jonathan Evansstated that “Lithium Americas and GM are focused on bringing Thacker Pass into production to significantly improve the critical domestic lithium supply and thus reduce dependence on foreign suppliers and begin creating new jobs and bringing economic activity to northern Nevada” .
In turn, he added that the final investment decision will be announced in early 2025, where “our engineering, procurement and construction management contractor, Bechteland other major contractors have been ramping up work on site to de-risk the construction schedule, as we continue to target completion by the end of 2027.”
The mine is located inside the extinct supervolcano McDermitt Caldera 30 km by 45 km in length. This volcanic field is part of a southeastward propagating volcanic trend that extends from Steens Mountain to north-central Nevada.
Thacker Pass Lithium Project Nevada United States
It is estimated that the project Thacker Pass contains proven and probable mineral reserves of approximately 217.3 million tonnes (mt) of lithium carbonate equivalent
Source: Ambito
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