Record $1 Billion Loan Considered by U.S. for Nevada's Massive Lithium Mine

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💰 Record $1 Billion Loan Considered by U.S. for Nevada's Massive Lithium Mine.

The U.S. Energy Department is currently engaged in discussions to potentially provide a record-breaking $1 billion loan to the developer of one of the largest lithium deposits in the United States. This initiative is aimed at bolstering domestic supplies of critical minerals, with Lithium Americas Corp. working closely with the Biden administration to finalize the terms of the agreement. The funding would cover over half of the expenses associated with the Thacker Pass lithium mine in Nevada, which is recognized as a significant opportunity for lithium production used in electric vehicle batteries, solar panels, and wind turbines. While the loan could exceed $1 billion, it would mark the largest-ever loan awarded by the Energy Department's Loan Programs Office to a mining company. The Thacker Pass project, located 500 miles northeast of San Francisco, is a key part of the U.S. strategy to reduce reliance on foreign sources of critical minerals, particularly as China has dominated global supplies in this sector.