As of October 16, 2024, Lithium Americas announced a new investment agreement to establish a joint venture to fund, develop, construct, and operate the Thacker Pass mine in Humboldt County, Nevada. [1] The “JV Transaction” will deliver $625 million of cash and letters of credit from GM to Thacker Pass, in addition to a conditional commitment of a $2.3 billion US Department of Energy loan announced earlier in the year. GM will acquire a 38% asset-level ownership stake in Thacker Pass for $625 million, making it the largest ever publicly announced investment by a US OEM in a lithium carbonate project. This highlights the significance of Thacker Pass in the domestic supply chain for critical minerals. GM is committed to purchasing up to 100% of production volumes during the mine’s initial phase for up to 20 years, with another 38% accounting for another 20 years during phase two of the mine. 40% of the engineering design is complete, with plans for concrete placement in mid-2025. Production is expected to commence in late 2027, with the goal of producing 40,000 tons of battery-grade lithium carbonate per year during phase one of production.
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