LAC - GM now Lithium America's largest investor after closing of initial $320M tranche

Lithium Americas ( NYSE: LAC ) announced Thursday the closing of the initial $320M tranche of the previously announced $650M investment by General Motors ( GM ), which makes the automaker its largest shareholder and offtake partner.

Proceeds from GM's investment will be used to accelerate the development of the Thacker Pass project in Nevada, the largest known lithium resource in the U.S. that is fully permitted to begin construction.

Lithium Americas ( LAC ) expects to close the second and final tranche following the anticipated separation of its U.S. and Argentine businesses in H2 2023.

"The beginning of construction at Thacker Pass is imminent following last week's favorable ruling on the Record of Decision and the closing of GM’s initial investment," Lithium Americas ( LAC ) President and CEO Jonathan Evans said.

The ruling by Judge Du is "a massive win" for Lithium Aericas ( LAC ) and its new partner General Motors, Austin Craig writes in an analysis published recently on Seeking Alpha .

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