GM backs biggest US lithium project with $625m investment
General Motors will commit $625-million toward what’s likely to be one of the biggest US lithium mines, reinforcing the automaker’s efforts to secure domestic supply of the battery metal critical for electric vehicles.
The cash-and-credit funding deal with project developer Lithium Americas Corp. builds on a $320-million investment that GM made in the Canadian company last year. It will be crucial toward the miner unlocking a $2.3-billion funding package the US Energy Department offered on a conditional basis in March.
GM will support Lithium Americas with an additional $430-million cash lifeline as slumping lithium prices put existing producers under pressure and threatens US efforts to shore up future supplies. The Thacker Pass project in northern Nevada hosts the largest known lithium deposit in North America and is expected to produce approximately 40 000 metric tons per year once it’s fully operational.
GM will form a joint venture with Lithium Americas and take a 38% direct stake in the mine as part of the deal. The companies described the transaction as the biggest-ever publicly announced investment by a US manufacturer in a lithium carbonate project.
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