on Thursday that it has received a conditional commitment loan of $2.26 billion from the US Department of Energy to finance the construction of processing facilities at
This funding represents the largest-ever loan to a mining company from the DOE’s Loan Programs Office, amid increasing efforts to bolster domestic supplies of critical minerals. General Motors Co., which has invested $650 million in Lithium Americas, has an exclusive offtake agreement for 100% of the lithium production from the mine for up to 15 years after expected production commences in 2027.
Currently, about 65% of the critical mineral is processed in China, although US lithium production is projected to increase 13-fold thanks to tax credits and other subsidies provided in 2022’s Inflation Reduction Act, Energy Secretary Jennifer Granholm said Wednesday at a conference held by
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