DOE Conditionally Approves $2.26 Billion Loan For Huge Nevada Lithium Mine

"RENO, Nev. — President Joe Biden’s administration has conditionally agreed to loan more than $2 billion to the company building a controversial lithium mine in Nevada with the largest known U.S. deposit of the metal critical to making batteries for electric vehicles key to his renewable energy agenda.

The U.S Energy Department agreed on Thursday to provide the $2.26 billion conditional loan to Canada-based Lithium Americas to help cover costs at its open pit mine deeper than the length of a football field near the Oregon line.

The loan would help finance the a lithium carbonate processing plant at the Thacker Pass mine about 200 miles (322 kilometers) north of Reno — “the largest-proven lithium reserves in North America,” DOE said in a statement.

“Thacker Pass is a treasure trove of lithium — key to strengthening U.S. energy security and electrifying America,” Energy Secretary Jennifer Granholm said in a message posted Friday on X, formerly known as Twitter."

Scott Sonner reports for the Associated Press March 15, 2024.

Source: AP, 03/18/2024