GM delays additional $330m investment in Thacker Pass, Lithium Americas says
Lithium Americas said on Friday automaker General Motors (GM) 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 one-million electric vehicles annually.
The lithium miner said it is exploring alternative structures for the investment and extended the date for deal closure to December 20. In case, the deal is not closed on their end by that date, Lithium Americas will have to grant additional rights to the automaker.
GM did not immediately respond to a Reuters request for comment.
The investment conditions for the second tranche included the successful execution of a $2.26-billion loan agreement with the US Energy Department, which the company is rushing to finish by the end of the year amid uncertainties regarding the results of the US Presidential election.
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.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation