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Lithium Americas Secures $2.26 Billion DOE Loan for Thacker Pass

Lithium Americas Corp. (TSX: LAC) (NYSE: LAC) receives a massive $2.26 billion loan from the U.S. Department of Energy to kickstart the construction of its Thacker Pass lithium processing facilities in Nevada, aiming to bolster the U.S. supply chain for critical minerals.

Lithium Americas’ Thacker Pass Project Overview

Lithium Americas and its partner, Bechtel, have initiated the Thacker Pass project, anticipated to produce 40,000 tonnes annually of high-grade lithium carbonate. This venture is set to generate about 1,800 jobs during construction and 360 operational jobs over its 40-year lifespan.

Economic and Environmental Impact

A study by the University of Nevada, Reno predicts the project will also create 1.5 local jobs for every direct job, showcasing Lithium Americas’ commitment to sustainable development and minimizing environmental impact.

U.S. Energy Security and Employment Opportunities

Thacker Pass is a key player in reducing reliance on foreign lithium supplies, capable of fulfilling the lithium demand for up to 800,000 electric vehicles annually. The partnership with North America’s Building Trades Unions ensures skilled labor for construction, highlighting Lithium Americas’ engagement with local communities and its push for sustainable project development.

General Motors’ Strategic Investment

With General Motors investing $650 million, Thacker Pass is on track to support a burgeoning electric vehicle market, underscored by exclusive lithium production rights for GM from Phase 1 of the project.

Commitment to Local Communities

Lithium Americas has forged a strong relationship with the Fort McDermitt Paiute Shoshone Tribe, including infrastructure improvements and job training programs, further solidifying its dedication to regional development and environmental stewardship.

Lithium Americas is moving forward with the construction of Thacker Pass, with major construction phases expected to begin in late 2024, following the closing of the DOE loan.

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