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Nevada’s Thacker Pass lithium mine has received final approval on a $2.26 billion loan from the Department of Energy (Reuters, subscription).

What’s going on: On Monday, Lithium Americas—which is building the Thacker Pass lithium mine project in Nevada with a nearly $1 billion investment from General Motors Co.—closed on a loan from the DOE Advanced Technology Vehicles Manufacturing Loan program. The loan, which has a 24-year term, was approved provisionally in March.

• Thacker Pass, which broke ground in March 2023 just south of the Nevada–Oregon border, was approved at the end of the previous administration and is expected to open later this decade.

The big picture: “The funds are a key part of U.S. President Joe Biden’s efforts to reduce dependence on lithium supplies from China, the world’s largest processor of the electric vehicle battery metal,” according to Reuters.

• Last week, the Biden administration approved another lithium project, by developer Ioneer.

What to expect: “With the loan now closed, Vancouver-based Lithium Americas plans to start major construction, a process that could take three years or longer. The mine’s first phase is expected to produce 40,000 metric tons of battery-quality lithium carbonate per year, enough for up to 800,000 EVs.”

• The project is anticipated to create about 1,800 jobs during construction and 360 full-time jobs once it is up and running.