Shares of Lithium Americas Corp. (LAC) surged 14.73% on October 28, 2024, after the company announced two major positive developments for its Thacker Pass lithium project in Nevada.
First, Lithium Americas revealed that it has secured a $2.26 billion loan from the U.S. Department of Energy (DOE) to finance the construction of processing facilities at Thacker Pass. The DOE loan, provided under the Advanced Technology Vehicles Manufacturing program, will fund the initial phase targeting 40,000 tonnes per annum of battery-quality lithium carbonate production.
In addition to the DOE loan, Lithium Americas announced an investment agreement with auto giant General Motors (GM). Under the deal, GM will acquire a 38% stake in Thacker Pass for $625 million in cash and letters of credit, including a $195 million letter of credit facility to support reserve account requirements under the DOE loan. Significantly, GM will have exclusive rights to up to 100% of the lithium output from the first phase for 20 years, securing a critical supply for its electric vehicle ambitions.
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