Skip to content

Lithium Americas Announces Thacker Pass Project Update and $2.26B DOE Loan Commitment

Lithium Americas Corp. Updates on Thacker Pass Lithium Project

Lithium Americas Corp. (TSX: LAC) (NYSE: LAC) has provided an update on the Thacker Pass lithium project in Humboldt County, Nevada, detailing the construction plan and recent developments.

Significant Developments at Thacker Pass

The U.S. Department of Energy has extended a $2.26 billion loan to Lithium Americas for constructing the Thacker Pass processing facilities, aiming for an initial output of 40,000 tpa of battery grade lithium carbonate. Alongside General Motors Holdings LLC’s strategic investment, these funds are anticipated to cover the majority of Phase 1’s capital needs.

Site preparation, including site clearing and water system commissioning, has been completed. Detailed engineering is 30% done, with full notice to proceed expected in H2 2024. In addition, the company has secured a parcel for a transloading terminal in Winnemucca, enhancing the project’s logistical operations.

The total capital cost for Phase 1 is now estimated at $2.93 billion, reflecting updated planning and construction agreements, including a PLA with North America’s Building Trades Unions. Approximately $194 million was spent on the project in 2023, with substantial completion targeted for 2027.

Project Financing and Job Creation

With DOE’s loan commitment and GM’s investment, Lithium Americas is set to fund the first phase of the Thacker Pass project, expected to support domestic lithium needs for up to 800,000 EVs annually.

Additionally, Phase 1 construction is predicted to offer 1,800 direct job opportunities, with the University of Nevada, Reno highlighting significant local economic impacts.

Lithium Americas continues to make strides in engineering and planning to ensure the efficient execution of the Thacker Pass project, marking a significant move towards bolstering US lithium production for electric vehicles.

The content presented on this page has not been manually verified by our team. While we strive to ensure accuracy, we cannot guarantee the validity, completeness, or timeliness of the information provided. Always consult with appropriate professionals or sources before making any decisions based on this content.

The image is randomly selected and doesn’t necessarily represent the company or the news below.

Click here for more Company News