Lithium Americas and GM Finalize Joint Venture for Thacker Pass Project
Lithium Americas has announced the completion of its joint venture (JV) with General Motors Holdings to fund, develop, construct, and operate the Thacker Pass lithium project in Humboldt County, Nevada. The project aims to supply battery-quality lithium carbonate for the North American critical minerals supply chain.
Under the terms of the JV, Lithium Americas retains a 62% stake in Thacker Pass and will oversee the project’s management, while GM has acquired a 38% interest for $625 million. This investment includes $430 million in direct funding for Phase 1 construction and a $195 million letter of credit facility (LC Facility).
At the JV closing, GM contributed $330 million in cash, alongside $138 million from Lithium Americas. Additional contributions of $100 million from GM and $181 million from Lithium Americas are expected at the final investment decision (FID) for Phase 1, anticipated in early 2025.
The LC Facility from GM will be posted before the first draw on Lithium Americas’ previously announced $2.26 billion loan from the U.S. Department of Energy (DOE). This loan is expected to be accessed in mid-2025, facilitating the project’s progression.
“Together, Lithium Americas and GM are focused on bringing Thacker Pass to production to significantly improve domestic lithium supply, reduce dependence on foreign sources, and create economic opportunities in northern Nevada,” said Jonathan Evans, President and CEO of Lithium Americas. “We remain on track to announce the final investment decision in early 2025, with completion targeted for late 2027.”
Bechtel, the engineering, procurement, and construction management contractor, along with other major contractors, has begun work at the site to mitigate construction risks and ensure the project stays on schedule.
