The U.S. Department of Energy (DOE) has finalized a $2.26 billion loan for Lithium Americas to develop the Thacker Pass lithium mine in Nevada, marking one of the most significant U.S. government investments in critical minerals.
The initiative aligns with the Biden administrationâs efforts to bolster domestic lithium production for electric vehicle (EV) batteries and reduce dependence on China, the leading global processor of lithium. Earlier this month, the administration also granted funding to a separate lithium project led by ioneer, underscoring its strategy to secure essential minerals.
“The Biden-Harris Administration recognizes mineral security is essential to winning the global clean energy race,” said Ali Zaidi, White House national climate advisor.
Thacker Pass, which began preliminary construction in 2022 following a court ruling in Lithium Americas’ favor, will support General Motorsâ EV manufacturing, with GM recently increasing its investment in the project to almost $1 billion.
With the DOE loan in place, Lithium Americas expects major construction on the mine to begin shortly, with completion planned within the next three years. The project aims to produce up to 40,000 metric tons of battery-grade lithium carbonate annuallyâsufficient to supply around 800,000 EVs.
“This essential loan helps us reduce dependence on foreign suppliers and secure America’s energy future,” commented Lithium Americas CEO Jon Evans. The expanded project cost of $2.93 billion accounts for union labor commitments, increased engineering costs, and a dedicated housing facility to support the workforce in this remote region.
