Summary
The U.S. government is buying a 5% share of Lithium Americas, a company developing a large lithium mine in Nevada. This is part of a move to reduce reliance on China for lithium needed for batteries in technology and electric vehicles. The project is supported by both major political parties in the U.S.
Key Facts
- The U.S. Department of Energy is buying a 5% share in Lithium Americas.
- Lithium Americas is working on a major lithium mining project called Thacker Pass in Nevada.
- The Thacker Pass project is a joint effort with General Motors.
- The U.S. aims to reduce its dependence on China for lithium, which is crucial for batteries used in electronics and electric vehicles.
- The first phase of Thacker Pass is expected to produce 40,000 tonnes of lithium carbonate annually, enough for 800,000 electric vehicles.
- The U.S. government has pledged $435 million in federal loans to support this project, with some debt service deferred for five years.
- General Motors has committed over $900 million to help develop Thacker Pass.
- The U.S. currently produces less than 1% of the global lithium supply.
