GM delays additional $330m investment in Thacker Pass, Lithium Americas says

  • 📰 mining
  • ⏱ Reading Time:
  • 43 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 20%
  • Publisher: 53%

United States News News

United States United States Latest News,United States United States Headlines

No 1 source of global mining news and opinion

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 449. in US

United States United States Latest News, United States United States Headlines