GM Invests $650M in Northern Nevada Lithium Mine

Many automakers are turning to electric vehicles as the future of the industry, and suddenly, raw materials for batteries are becoming a major commodity. General Motors is jumping into the fray, announcing it has conditionally agreed to invest $650 million in Lithium Americas Corp., giving the company exclusive access to the first phase of a lithium mine near the Nevada-Oregon border.

The equity investment for the Thacker Pass project is contingent on the mine clearing substantial environmental and legal challenges in a Reno, NV federal court. Conservationists say the project will destroy wildlife habitats and pollute the air and water while tribal leaders say it will destroy nearby sacred lands.

Lawyers for Lithium Americas say the project is critical to meet the growing demand for lithium to make EV batteries, in line with President Joe Biden’s renewable energy push. The company says the lithium deposit atop an ancient volcano at Thacker Pass, the third largest known deposit in the world, can support production of up to 1 million electric vehicles annually.