Biden Administration Invests $100M in Lithium Americas' Thacker Pass Mine
The Biden administration has agreed to take a 5% equity stake in Lithium Americas and its Thacker Pass lithium mine in Nevada. This move comes as part of a broader effort to support domestic production of critical minerals for electric vehicle batteries.
The deal, valued at around $100 million, also includes an 'exit strategy' for the government to sell its stake once the mine begins operation. This is in addition to a federal loan of up to $2.3 billion for a processing facility next to the lithium mine. Notably, Chris Wright, the CEO of Liberty Oilfield Services, holds a 5-percent stake in the company Lithium Nevada, which is involved in the Thacker Pass mining project. The Thacker Pass mine originally received permit approval during the final days of the Trump administration, highlighting the bipartisan support for domestic lithium production.
The agreement also extends to the Canadian parent company of the mining project, with the federal government taking a 5% stake in Lithium Americas.
The Biden administration's investment in the Thacker Pass lithium mine signals a commitment to bolstering the domestic supply chain for critical minerals. This move is expected to create jobs, stimulate economic growth, and reduce reliance on foreign imports for electric vehicle battery production.
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