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.
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