General Motors has finalized its joint venture with Lithium Americas to develop the Thacker Pass lithium mine in Nevada. Under the agreement, GM contributes $625 million in cash and a credit facility to acquire a 38% stake in the project, according to a statement released Monday.
Lithium Americas CEO Jonathan Evans announced that the company plans to make a final investment decision on the project in early 2025. The deal follows a $2.26 billion loan granted earlier this year by the U.S. government to support the Nevada mine.
This mine was originally approved during President-elect Donald Trump’s previous term and is being advanced under the Biden Administration’s initiatives.
Thacker Pass is expected to produce 40,000 metric tons of battery-grade lithium carbonate annually in its first phase, sufficient for up to 800,000 electric vehicles. The mine is slated to begin operations later this decade, representing a key step in GM’s efforts to secure raw materials for its electric vehicle production.
