Lithium Americas said on Friday automaker General Motors has delayed the second tranche of investment, worth $330 million, in the miner until the end of the year.
GM had announced an investment of $650 million, in two tranches, in Lithium Americas last year to help it develop the Thacker Pass lithium mining project in Nevada, which holds enough of the battery metal to build 1 million electric vehicles annually.The lithium miner said it is exploring alternative structures for the investment and extended the date for deal closure to Dec. 20.
Given Donald Trump’s pledge to “end the electric vehicle mandate” and plans laid out by former Trump administration officials in the Project 2025 document to shutter the Loans Program Office, mining companies and others are rushing to close loan agreements before Joe Biden leaves office in five months.
The government also intends to make investors in the critical minerals sector allocate at least 35% of procurement costs to local suppliers.