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6mo 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.

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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.
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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.