Particle.news
Download on the App Store
7 ARTICLES
·
7mo ago

GM Invests $625 Million in Joint Lithium Mining Venture with Lithium Americas

The partnership aims to boost U.S. lithium supply for electric vehicle batteries, reducing reliance on China.

Image
The new GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. . REUTERS/Rebecca Cook/File Photo
Dump trucks haul dirt at Barrick's Ruby Hill Mine Feb. 14, 2006, outside Eureka, Nev.
Image

Overview

  • General Motors will acquire a 38% stake in the Thacker Pass lithium project in Nevada through a $625 million investment.
  • The investment includes $430 million in cash funding for Phase 1 construction and a $195 million letter of credit facility.
  • This new agreement replaces a delayed $330 million investment from August, strengthening GM's supply chain for EV materials.
  • The U.S. Department of Energy plans to lend up to $2.26 billion to Lithium Americas for the Thacker Pass project.
  • GM and Lithium Americas have also agreed on a 20-year offtake deal for up to 38% of Phase 2 production, securing long-term lithium supply.