GM's new US$625M investment sends Lithium Americas stock up 22%

📆 10/16/2024 8:11 PM
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GM's capital is set to help build a Nevada mine that would provide lithium that could be used to make electric-vehicle batteries

Vancouver-based lithium miner Lithium Americas saw its share price soar more than 22 per cent on Wednesday thanks to automotive giant General Motors announcing plans to invest US$625 million in cash and credit to buy a stake in a Lithium Americas mine in Nevada.

The agreement enables GM to acquire a 38-per-cent stake in the Thacker Pass lithium carbonate mining operation in Nevada. The new money includes US$430 million in cash to build Phase 1 of the mine, as well as US$195 million in credit. Initial construction at the site launched in March 2023, following a court case and protests from conservationists, ranchers and First Nation communities.

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GM's new US$625M investment sends Lithium Americas stock up 22%GM's capital is set to help build a Nevada mine that would provide lithium that could be used to make electric-vehicle batteries
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