The US Energy Department is in talks to lend a record $1-billion to the developer of one of the country’s largest lithium deposits in a push to build out a domestic supply of critical minerals. The Biden administration and Lithium Americas Corp are negotiating the terms of an agreement that would fund more than half of the cost of the Thacker Pass mine in Nevada, according to a person familiar with the matter who asked not to be identified discussing confidential information.
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At the time of your subscription, Creamer Media’s subscriptions department will be in contact with you to ensure that you receive a copy of your preferred Research Report.The US Energy Department is in talks to lend a record $1-billion to the developer of one of the country’s largest lithium deposits in a push to build out a domestic supply of critical minerals.
Lithium Americas’ stock surged as much as 9.5% on Friday. The Energy Department said it doesn’t comment on loan applications. Vancouver-based Lithium Americas didn’t immediately respond to a request for comment. Biden is walking a fine line by trying to balance the raw-material demands of the energy transition against campaign promises to protect the environment. China has long dominated global supplies of commodities crucial to electric vehicles, prompting the Biden administration to extend billions of dollars in grants and tax incentives to encourage domestic production.
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