24/7 Market News Snapshot 28 October, 2024 – Lithium Americas Corp. (NYSE:LAC)

October 28, 2024

DENVER, Colo., 28 October, 2024 (247marketnews.com) – (NYSE:LAC) are discussed in this article.
Lithium Americas Corp. is experiencing significant developments that underscore its importance in the U.S. lithium supply chain and the electric vehicle market. The company has recently secured a landmark $2.26 billion loan from the U.S. Department of Energy’s Loan Programs Office, which is part of the Advanced Technology Vehicles Manufacturing Loan Program. This financing will be instrumental for the construction of processing facilities at the Thacker Pass project, which aims to produce 40,000 tonnes of battery-grade lithium carbonate annually starting in 2027.

The loan’s terms, featuring fixed interest rates based on U.S. Treasury rates, will cover both principal and accrued interest during the construction phase. Thacker Pass is positioned to not only bolster domestic lithium production but also generate approximately 1,800 jobs throughout its three-year construction period, alongside 360 full-time positions once operational over its anticipated 40-year lifespan. This initiative aligns with the U.S. government’s objective of establishing a reliable domestic supply chain for critical minerals, thereby reducing reliance on foreign sources.

In addition, General Motors has entered a joint venture with Lithium Americas to support the project through funding, development, and operation. This strategic partnership enhances the viability of Thacker Pass, ensuring the lithium produced will be integral to the expanding electric vehicle market and the energy transition.

The company’s stock has shown remarkable resilience, with a recent surge of over 20%, reflecting strong investor confidence and market interest. This momentum signals a promising outlook for Lithium Americas as it prepares to contribute significantly to North America’s energy landscape. President and CEO Jonathan Evans expressed optimism about advancing Thacker Pass towards production, emphasizing its role in enhancing the country’s output of critical lithium supply.

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