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production","gm-commits-650-million-to-secure-us-lithium-production","article/gm-commits-650-million-to-secure-us-lithium-production",{"_uid":547,"date":548,"tags":549,"editor":550,"content":560,"excerpt":700,"featured":51,"reporter":701,"_editable":705,"component":706,"seo_title":543,"categories":707,"visibility":716,"author_company":49,"featured_image":717,"seo_description":700,"author_full_name":49,"author_job_title":49,"formattedDate":722,"formattedArticleDate":723},"69ff2b19-1360-44a0-82f8-2a02165fd414","2023-01-31 00:00",[],[551],{"slug":552,"name":553,"content":554},"didi-bostock","Didi Bostock",{"job_title":555,"image":556,"bio":558,"linkedin":559},"Editor - Energy Transition & Economics",{"filename":557},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":561,"content":562},"doc",[563,570,575,580,595,600,605,610,617,622,635,640,645,650,655,660,665,670,675,680,685,690,695],{"type":564,"attrs":565,"content":566},"paragraph",{"textAlign":49},[567],{"text":568,"type":569},"General Motors has become the first automaker to make a sizable investment in a US lithium project, agreeing to invest $650 million in Lithium Americas to help bring its Thacker Pass project in Nevada into production. ","text",{"type":564,"attrs":571,"content":572},{"textAlign":49},[573],{"text":574,"type":569},"The automaker said the equity investment and binding supply agreement with the company would provide it with “exclusive access” to the first phase of production at Thacker Pass for at least ten years. It also has the right of first refusal on a second expansion phase of the mine. ",{"type":564,"attrs":576,"content":577},{"textAlign":49},[578],{"text":579,"type":569},"The deal is the most significant move by a large automaker to secure supplies of lithium, which is set to struggle to keep up with rising demand this decade. GM said the deal could provide enough lithium for 1 million electric vehicles. ",{"type":564,"attrs":581,"content":582},{"textAlign":49},[583,585,593],{"text":584,"type":569},"The industry ",{"text":586,"type":569,"marks":587},"needs to invest",[588],{"type":589,"attrs":590},"link",{"href":591,"uuid":49,"anchor":49,"target":49,"linktype":592},"https://source.benchmarkminerals.com/article/analysis-lithium-industry-needs-42-billion-to-meet-2030-demand","url",{"text":594,"type":569}," $42 billion in new supply to meet demand by 2030, according to Benchmark. ",{"type":564,"attrs":596,"content":597},{"textAlign":49},[598],{"text":599,"type":569},"“As the battery and EV space begins to scale, financing needs to do so with it. This is a much needed big step up for our industry,” Simon Moores, chief executive of Benchmark, said. ",{"type":564,"attrs":601,"content":602},{"textAlign":49},[603],{"text":604,"type":569},"“To have the ultimate sway of industrial power you need to own the mines, in part or in full.”",{"type":564,"attrs":606,"content":607},{"textAlign":49},[608],{"text":609,"type":569},"Lithium Americas said it would use the money from GM to fund part of the estimated $4 billion capital costs of the project. GM will also become the largest shareholder in the company. ",{"type":611,"attrs":612,"content":614},"heading",{"level":613,"textAlign":49},4,[615],{"text":616,"type":569},"Scramble for US lithium",{"type":564,"attrs":618,"content":619},{"textAlign":49},[620],{"text":621,"type":569},"The US Inflation Reduction Act has accelerated the search for supplies of battery minerals from the US, by stipulating that minerals must be mined or processed in North America or free trade agreement countries.",{"type":564,"attrs":623,"content":624},{"textAlign":49},[625,627,633],{"text":626,"type":569},"Last year GM ",{"text":628,"type":569,"marks":629},"agreed to prepay",[630],{"type":589,"attrs":631},{"href":632,"uuid":49,"anchor":49,"target":49,"linktype":592},"https://source.benchmarkminerals.com/article/gm-locks-up-lithium-and-cathode-supply-with-livent-and-gm-deals",{"text":634,"type":569}," US lithium producer Livent $198 million for six years supply of lithium hydroxide starting in 2025, with most of it to be processed in North America. ",{"type":564,"attrs":636,"content":637},{"textAlign":49},[638],{"text":639,"type":569},"Ford has also secured 7,000 tonnes a year of lithium carbonate from Ioneer’s Rhyolite Ridge project in Nevada.",{"type":564,"attrs":641,"content":642},{"textAlign":49},[643],{"text":644,"type":569},"“Direct sourcing critical EV raw materials and components from suppliers in North America and free-trade-agreement countries helps make our supply chain more secure, helps us manage cell costs, and creates jobs,” GM’s chief executive Mary Barra said. ",{"type":564,"attrs":646,"content":647},{"textAlign":49},[648],{"text":649,"type":569},"The US hosts around 24% of global lithium resources but is forecast to represent just 3% of global supply requirements in 2030. Even if all the potential projects were to progress as planned, the country would only represent 12% of global requirements by 2030. ",{"type":564,"attrs":651,"content":652},{"textAlign":49},[653],{"text":654,"type":569},"The investment by GM is a vote of confidence in Thacker Pass, which is still awaiting a ruling on an appeal of the Record of Decision from the US Department of the Interior made during the final days of President Donald Trump’s administration in January 2021.",{"type":564,"attrs":656,"content":657},{"textAlign":49},[658],{"text":659,"type":569},"Lithium Americas said it had also applied for a loan from the Department of Energy for the project. ",{"type":564,"attrs":661,"content":662},{"textAlign":49},[663],{"text":664,"type":569},"Lithium Americas said the deal with GM positions the company “as a model candidate to receive the maximum potential benefit” of the DOE’s loan program. ",{"type":564,"attrs":666,"content":667},{"textAlign":49},[668],{"text":669,"type":569},"“The proceeds from the DOE’s … loan are expected to contribute a significant portion of the initial capital costs for Thacker Pass Phase One,” it said. ",{"type":611,"attrs":671,"content":672},{"level":613,"textAlign":49},[673],{"text":674,"type":569},"Largest US lithium mine",{"type":564,"attrs":676,"content":677},{"textAlign":49},[678],{"text":679,"type":569},"Lithium Americas said Thacker Pass is set to come into production in 2026. It aims to have a capacity to produce 40,000 tonnes of battery-grade lithium carbonate in its first phase and 40,000 tonnes in the second phase. ",{"type":564,"attrs":681,"content":682},{"textAlign":49},[683],{"text":684,"type":569},"Production will average 70,000 tonnes a year in the first 25 years of the mine starting at around 20,000 tonnes of lithium carbonate in its first year, it said.  ",{"type":564,"attrs":686,"content":687},{"textAlign":49},[688],{"text":689,"type":569},"The investment will be in two tranches, with the first $320 million to be invested in Lithium Americas for a 10% stake, pending the decision of the judge from the US District Court on the legal appeal. ",{"type":564,"attrs":691,"content":692},{"textAlign":49},[693],{"text":694,"type":569},"The second tranche will be invested in Lithium Americas’ new US entity following the planned separation of its US and Argentinian assets. It is also contingent on Lithium Americas securing enough capital to develop Thacker Pass. ",{"type":564,"attrs":696,"content":697},{"textAlign":49},[698],{"text":699,"type":569},"Lithium Americas is expected to separate the businesses by the middle of this year, it said.","General Motors has become the first automaker to make a sizable investment in a US lithium project, agreeing to invest $650 million in Lithium Americas to help bring its Thacker Pass project in Nevada into production. The automaker said the equity investment and binding supply agreement with the company would provide it with “exclusive access” […]",[702],{"slug":552,"name":553,"content":703},{"job_title":555,"image":704,"bio":558,"linkedin":559},{"filename":557},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"69ff2b19-1360-44a0-82f8-2a02165fd414\", \"id\": \"\"}-->","article",[708,711,714],{"slug":709,"name":710},"batteries","Batteries",{"slug":712,"name":713},"critical-minerals","Critical Minerals",{"slug":715,"name":8},"lithium","private",{"id":49,"alt":718,"name":718,"focus":718,"title":718,"source":718,"filename":719,"copyright":718,"fieldtype":720,"meta_data":721,"is_external_url":51},"","https://a.storyblok.com/f/287943243085208/06e0828e09/bm-gm-hummer.jpg","asset",{"alt":718,"title":718,"source":718,"copyright":718},"Jan 31, 2023","31st January 2023",[],[],1783010376366]