New York, March 14, 2023 - PRISM MarketView - Lithium Americas Corp. (NYSE: LAC) received a conditional $2.26 billion loan from the US Department of Energy to support its Thacker Pass mining operation and the construction of a lithium processing plant. This funding is a part of the company’s strategy to begin producing battery-grade lithium carbonate.
Key Points:
- The loan, combined with an investment from General Motors Holdings LLC, is expected to largely finance the initial phase of the Thacker Pass project, which has a production target of 40,000 tonnes of lithium carbonate annually.
- Site preparation is complete, and the company is focusing on detailed engineering and execution planning, with construction anticipated to start in the second half of 2024. Lithium Americas has also leased land in Winnemucca for operational support.
- A partnership with Bechtel and the North America’s Building Trades Unions has been established for the construction, which has adjusted the estimated total capital cost for Phase 1 to $2.93 billion. To manage costs, the company has reduced its capital and operational expenses by more than 25%.
- The completion of Thacker Pass Phase 1 is aimed for 2027 after a three-year construction period, with major construction expected to begin following the loan closing and full construction notice in the latter half of 2024.
Lithium Americas is focused on advancing its Thacker Pass project to contribute to the supply of lithium, a critical material for battery production.
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