US takes a minority stake company operating one of world’s largest lithium mines in Nevada

The U S ruling body is taking a minority stake in Lithium Americas a company that is progressing one of the world s largest lithium mines in northern Nevada The Department of Potency will take a equity stake in the miner which is based in Vancouver It will also take a stake in the Thacker Pass lithium mining project a joint venture with General Motors Thacker Pass is considered crucial in reducing U S reliance on China for lithium a critical material used to produce the high tech batteries used in cell phones electric vehicles and renewable ability Both Republicans and Democrats help the project and narrowing the production gap China is the world s largest lithium processor U S Capacity Secretary Chris Wright disclosed in a declaration that the deal with Lithium Americas helps reduce our dependence on foreign adversaries for critical minerals by strengthening domestic supply chains and ensures better stewardship of American taxpayer dollars Thacker Pass is expected to produce metric tons of battery-quality lithium carbonate per year in its first phase enough to help power EVs The equity stake in Lithium Americas is the latest example of the direct intervention by the Trump administration with private companies The authorities is getting a stake in Intel through the conversion of billions in previously granted regime funds and pledges The administration spent million of taxpayer money in July on MP Materials stock to make the U S regime the biggest owner in the Las Vegas rare earths miner Trump also made a deal with Nvidia and AMD to give the U S authorities a cut of revenue from selling certain chips to China Lithium Americas declared Wednesday that it reached a non-binding agreement in principle with the DOE to advance the first draw of million on the federal loan The DOE has agreed to defer million of debt organization over the first five years of the loan The White House and Canada s Lithium Americas seemed to be moving forward with the deal late last month as both parties agreed on changes to an approximately billion federal loan that could allow the project to move forward to extract the silver-white metal used in electric van batteries GM has pledged more than million to help develop Thacker Pass which holds enough lithium to build million electric vehicles annually Dan Ives an analyst with Wedbush called Thacker Pass is a massive opportunity for the U S to reduce its reliance on China and other foreign adversaries for lithium Despite having chosen of the largest deposits the U S produced less than of the global lithium supply but this deal helps reduce dependence on foreign adversaries for critical minerals strengthening domestic supply chains and ensuring better stewardship of American taxpayer dollars with lithium production set to grow exponentially over the coming years he wrote Shares of Lithium Americas spiked more than before the opening bell Wednesday Source