(Reuters) - Lithium Americas (NYSE:LAC) said on Monday it has closed its joint venture with U.S. automaker General Motors (NYSE:GM) to develop the Thacker Pass lithium mine in Nevada.
The miner's CEO, Jonathan Evans said that the company is expected to make a final investment decision on the project in early 2025.
Under the JV agreement, first announced in October, GM would contribute $625 million to the project to gain a 38% stake in Thacker Pass in the form of cash and a credit facility.
The deal's closing provides another boost for the giant lithium mine, months after the U.S. finalized a $2.26 billion loan for the Nevada project.
Though the loan was granted under the Biden Administration, the U.S. President-elect Donald Trump had approved the mine during his previous term.
Thacker Pass, slated to open later this decade, is expected to produce 40,000 metric tons of battery-quality lithium carbonate per year in its first phase, enough for up to 800,000 electric vehicles.