Thacker Pass Gets $2.26 Billion DOE Loan
Nevada’s Thacker Pass lithium mine has received final approval on a $2.26 billion loan from the Department of Energy (, subscription).
What鈥檚 going on: On Monday, Lithium Americas鈥攚hich is building the Thacker Pass lithium mine project in Nevada with a nearly $1 billion investment from General Motors Co.鈥攃losed on a loan from the DOE Advanced Technology Vehicles Manufacturing Loan program. The loan, which has a 24-year term, was approved provisionally in March.
- Thacker Pass, which in March 2023 just south of the Nevada鈥揙regon border, was approved at the end of the previous administration and is expected to open later this decade.
The big picture: 鈥淭he funds are a key part of U.S. President Joe Biden鈥檚 efforts to reduce dependence on lithium supplies from China, the world鈥檚 largest processor of the electric vehicle battery metal,鈥 according to Reuters.
- Last week, the Biden administration approved another lithium project, by developer Ioneer.
What to expect: 鈥淲ith the loan now closed, Vancouver-based Lithium Americas plans to start major construction, a process that could take three years or longer. The mine鈥檚 first phase is expected to produce 40,000 metric tons of battery-quality lithium carbonate per year, enough for up to 800,000 EVs.鈥
- The project is anticipated to create about 1,800 jobs during construction and 360 full-time jobs once it is up and running.