GM to make 'largest' investment in Canadian miner ever to build lithium mine in Nevada

The deal marks the largest investment made by an automaker to produce battery raw materials, GM said. The lithium extracted from the region can support the production of up to one million electric vehicles per year, Lithium Americas said.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.

“We believe … the likelihood of a permit being pulled here is extremely low,” he said on a call with investors on Jan. 31. “Our legal opinion on this … we will either be allowed to move forward unfettered or if there is any sort of remedy that’s imposed, we will be able to move forward with our construction activities while the remedy is being put in place.”

The project has an expected mine life of 40 years and proven and probable reserves of 3.7 million tonnes of lithium carbonate. Capital cost estimates for phase one and phase two are about 2.27 billion and 1.73 billion, respectively.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Massive new North American lithium mine closer to reality with GM investment in Lithium AmericasCanadian lithium development company has landed a US$650-million financing and supply agreement with General Motors I don't think the green movement will like it unless the lithium was mined by hand
Source: globeandmail - 🏆 5. / 92 Read more »

Automaker GM makes $650m investment in Thacker Pass lithium developerAutomotive giant General Motors (GM) has made a $650-million investment in Lithium Americas, the developer for the Thacker Pass mining project in Nevada. This investment – said to be the biggest-ever by an automaker to produce battery raw materials – would support the development of the biggest-known lithium resource in the US. Thacker pass will supply enough lithium for up to one-million electric vehicles a year.
Source: MiningWeeklyCA - 🏆 48. / 63 Read more »