General Motors is joining with Canadian mining company Lithium Americas Corp. to develop, build and manage a lithium carbonate mining operation at Thacker Pass in Nevada.
As part of the joint venture, GM will offer Lithium Americas $625 million combined between cash and credit to get the project off the ground. The U.S. Department of Energy will also be providing a $2.3 billion loan. That will give the automaker a 38% ownership interest in the Thacker Pass operation, with the remaining 62% going to Lithium Americas. This is part of GM’s larger goal to source more of its raw materials for electric vehicles from the U.S, as a means to manage battery cell costs and decrease its reliance on imported materials.
“We’re pleased with the significant progress Lithium Americas is making to help GM achieve our goal to develop a resilient EV material supply chain,” GM senior vice president Jeff Morrison said in an October 16 news release.
Site preparation for the new mining outfit is roughly 50% finished, with concrete placement scheduled for mid-2025. Currently, the focus is on finalizing engineering and permitting for utilities, as well as determining contract awards for installing foundations and building structures.