Lithium Americas Corp. (LAC) announced the closing of its previously announced joint venture, or JV, with General Motors (GM) to fund, develop, construct and operate Thacker Pass in Humboldt County, Nevada to supply battery-quality lithium carbonate for the North American critical minerals supply chain. Lithium Americas now holds a 62% interest in Thacker Pass and will manage the project. GM has acquired a 38% interest in Thacker Pass for $625M in total cash and letters of credit, comprised of $430M of direct cash funding to the JV to support the construction of Phase 11 and a $195M letter of credit facility. As part of closing, GM has funded $330M of cash into the JV alongside $138M of funding from Lithium Americas. The remaining $100M cash contribution from GM, and Lithium Americas’ $181M contribution, is to be contributed at the final investment decision, or FID, for Phase 1. GM will post the LC Facility prior to first draw on the Company’s previously announced $2.26B loan from the U.S. Department of Energy, which is expected to occur in the middle of 2025.
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