LAC - Lithium Americas Receives Conditional $2.26B Loan Commitment from DOE for Construction of Thacker Pass
2024-03-14 07:57:19 ET
DENVER, Colo., Mar 14, 2024 ( 247marketnews.com )- Lithium Americas Corp. (NYSE: LAC ) reported that it received a conditional commitment from the U.S. Department of Energy for a $2.26 billion loan, to fund the construction of the processing facilities at Thacker Pass, under the Advanced Technology Vehicles Manufacturing Loan Program.
Thacker Pass is largest known Measured and Indicated lithium resource in North America and LAC believes that the project will initially produce 40,000 metric tons per year of battery grade lithium carbonate. The project’s first phase is expected to create approximately 1,800 direct jobs during its three-year construction period and approximately 360 operations jobs for its 40-year expected mine life.
“The United States has an incredible opportunity to lead the next chapter of global electrification in a way that both strengthens our battery supply chains and ensures that the economic benefits are directed toward American workers, companies and communities,” said Jonathan Evans, President and Chief Executive Officer of Lithium Americas. “The ATVM Loan Conditional Commitment announced today by the DOE is a significant milestone for Thacker Pass, which will help meet the growing domestic need for lithium chemicals and strengthen our nation’s security.”
Evans added, “We are pleased to have completed the rigorous DOE due diligence process. The Loan plus GM’s strategic investment will provide the vast majority of the capital necessary to fund Phase 1. We deeply appreciate the U.S. government’s support as we advance the responsible development of Thacker Pass, and we are excited to continue collaborating with all of our stakeholders to bring shared success for America.”
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Lithium Americas Receives Conditional $2.26B Loan Commitment from DOE for Construction of Thacker Pass