Lithium Americas and GM Joint Venture

(Reuters) – Lithium Americas (NYSE:LAC) announced on Monday the closure of its joint venture with U.S. automaker General Motors (NYSE:GM) to develop the Thacker Pass lithium mine in Nevada.

CEO Jonathan Evans stated that a final investment decision on the project is expected in early 2025.

As part of the JV agreement, first revealed in October, GM will contribute $625 million to acquire a 38% stake in Thacker Pass through cash and a credit facility.

The completion of this deal boosts the giant lithium mine, following the U.S. government’s approval of a $2.26 billion loan for the Nevada project.

Notably, although the loan was sanctioned during the Biden Administration, the mine’s approval came during Donald Trump’s presidency.

Scheduled to commence operations later this decade, Thacker Pass aims to produce 40,000 metric tons of battery-quality lithium carbonate annually in its initial phase, enough to power up to 800,000 electric vehicles.