Lithium Americas said on Tuesday it has reached a final investment decision (FID) for constructing the first phase of the Thacker Pass lithium mine in Nevada.
The Thacker Pass project is a joint venture between Lithium Americas and US automaker General Motors. Phase 1 of the project is expected to be completed in late 2027.
"Together, we will develop a US-produced lithium supply chain to reduce American dependence on foreign suppliers for critical minerals," said Lithium Americas CEO Jonathan Evans.
Vancouver-based Lithium Americas and General Motors, have each contributed an additional $192-million and $100-million, respectively, in cash to the JV, allowing it to achieve a fully funded status for the development of the project's first phase.
Last year, the US Department of Energy finalised a $2.26-billion loan for Lithium Americas to build the project. The company also had access to $650-million from its JV with General Motors.
Once open, Thacker Pass 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. 