$2.26 billion loan approved by DOE for building lithium mine in Nevada
Robert Besser
21 Mar 2024, 00:39 GMT+10
$2.26 billion loan approved by DOE for building lithium mine in Nevada
Robert Besser
21 Mar 2024, 00:39 GMT+10
- The U.S. Energy Department agreed to provide a US$2.26 billion conditional loan to Canada-based Lithium Americas
- It is building a controversial lithium mine in Nevada with the largest known U.S. deposit of the metal critical to making batteries for electric vehicles
- The DOE said in a statement that the loan will help finance the lithium carbonate processing plant at the Thacker Pass mine, some 200 miles north of Reno
WASHINGTON, D.C.: Last week, the U.S. Energy Department (DOE) agreed to provide a US$2.26 billion conditional loan to Canada-based Lithium Americas, which is building a controversial lithium mine in Nevada with the largest known U.S. deposit of the metal critical to making batteries for electric vehicles (EV).
The DOE said in a statement that the loan will help finance the lithium carbonate processing plant at the Thacker Pass mine, some 200 miles north of Reno. The Thacker Pass mine has the largest proven lithium reserves in North America.
In a post on X on March 15, Energy Secretary Jennifer Granholm said, “Thacker Pass is a treasure trove of lithium – key to strengthening U.S. energy security and electrifying America.”
The department added that the loan is contingent on its Loan Programs Office’s review of the project under the National Environmental Policy Act. It noted that lithium carbonate from Thacker Pass could support the production of batteries for up to 800,000 EVs per year, preventing the annual consumption of 317 million gallons (1.2 billion liters) of gasoline.
A day earlier, the department said, “Today’s announcement reinforces the Biden-Harris Administration’s whole-of-government approach to strengthening America’s critical materials supply chain, which is essential to building America’s clean transportation future and enhancing our national and energy security.”
Lithium Americas said that the loan will cover most of the cost of the first phase of the Thacker Pass project, which is now estimated at $2.93 billion.
Spending nearly two years fighting the mine, environmental groups, and leaders of three Native American tribes, including the Reno-Sparks Indian Colony, said the mine borders the sacred site of a massacre of more than two dozen Native Americans in 1865.
However, a federal judge in Reno dismissed the latest challenges in December, and the chairman of the Reno-Sparks Indian Colony said they were abandoning any future appeals.
Share article:
Share
Tweet
Share
Flip
Email
