The U.S. Department of Energy has finalized a $2.26 billion loan for Canadian mining company Lithium Americas, which will be used to fund the construction of the Thacker Pass lithium mine in Nevada. The mine is currently scheduled to begin operation by 2028, providing minerals for electric vehicle production and serving as a major supplier for GM. The mine is expected to produce upwards of 40,000 metric tons of lithium carbonate per year during its first phase, which is enough material to power up to 800,000 EVs.
According to a report from Reuters, mine construction is expected to take three years or longer, with the construction phase employing 1,800 people. Up to 360 full-time jobs are expected once the mine is operational.
President Trump approved the mine during the his final days in office during his first term. The U.S. Department of Energy loan received provisional approval in March under President Biden. The mine is seen as playing a major role in reducing U.S. dependence on lithium supplies and other EV components and materials from China. GM is expected to acquire a 38-percent asset-level ownership stake in the mine, injecting $625 million into the mine joint venture with Lithium Americas last month.
The site is located just south of the Nevada-Oregon border. Initial construction began in March of 2023 after the 9th U.S. Circuit Court of Appeals denied a request for an emergency injunction that would have prevented the project from moving forward in light of a court case brought forward by Indigenous communities, ranchers, and conservationists. Indigenous groups claim that the mine is built illegally near the sacred site where their ancestors were massacred in the late 1800s.
Earlier last year, Nevada Chief Judge Miranda Du ordered the U.S. Bureau of Land Management to investigate the potential environmental impact of dumped waste products near the mine site.
Comments
Trump will and should shut this down, total waste of our Tax dollars.
Not with Elon Musk in his team. Elon needs his payback on investment.
Dept of Energy needs to go, a long with several others.
Are you going to generate your own energy by farthing out such bright ideas?
Make GM accountable again Trump.
Billions of tax dollars to Mary and her leadersheep in exchange for closed plants like Lordstown and offshoring jobs. This needs to stop
Government loan to a foreign country unbelievable
It is a government loan to a foreign based company, (no foreign country) to produce minerals in US for the US market. This is why Trump approved the project. Would be no different than offering a loan to TSMC (Taiwanese high end electronic chip manufacturer) to set up a production facility in US just in case China decides to invade Taiwan. Same purpose, reduce dependency to products coming from China. China could occupy Taiwan just to disturb the world supply with high end electronic chips.