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The U.S. government will take a 10% ownership stake in what could become the largest lithium mine in the U.S. (The Hill).

What’s going on: “The Department of Energy will take a 5% equity stake in [manager and majority owner Lithium Americas], which is based in Vancouver. It will also take a 5% stake in the Thacker Pass lithium mining project, a joint venture with General Motors,” DOE Secretary Chris Wright announced Wednesday.

• The deal restructures a Biden-era federal loan, now valued at $2.3 billion.
• GM has pledged more than $900 million to develop the mine.

Why it’s important: Thacker Pass, which broke ground in March 2023 in northern Nevada, is thought to hold enough lithium to produce 40,000 tonnes of the battery-grade metal per year, according to the DOE.

• That’s enough “to build 1 million electric vehicles annually,” according to The Hill.
• The project is expected to create about 1,800 construction jobs and 360 full-time positions once operational.

A move to outcompete China: The U.S. has some of the largest lithium deposits in the world, yet it produces very little—so it continues to rely on China, a top producer.

• “We support domestic lithium operations, but to truly unlock America’s potential, we need permitting reform that gets more of these projects off the ground faster,” said NAM Director of Energy and Resources Policy Michael Davin.