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Energy|Mining|Motors|PROJECT
Energy|Mining|Motors|PROJECT
energy|mining|motors|project

GM delays additional $330m investment in Thacker Pass, Lithium Americas says

30th August 2024

By: Reuters

  

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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.

Edited by Reuters

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