"The administration of United States President Donald Trump is considering as much as a 10 percent stake in Lithium Americas, a Canada-based lithium mining company. Reuters reported on Tuesday that the White House is considering taking a stake in the company, citing two people familiar with the matter. The possible investment comes as part of the $2.2bn loan from the US Department of Energy for the company's Thacker Pass mining project in northern Nevada, the largest planned project of its kind in the Western Hemisphere."
"The move underscores Trump's increasing use of direct government ownership to steer strategic sectors and curb reliance on China, which dominates refining of many critical minerals. China produces more than 40,000 metric tonnes of lithium annually, ranking third after Australia and Chile, but it dominates refining, processing more than 75 percent of the world's lithium into battery-grade material."
"The project is seen as a linchpin in building a domestic supply chain, part of Washington's longstanding drive to boost US production of lithium, a metal used to make batteries for electric vehicles and other electronics. The Trump administration recently moved to take a stake in chipmaker Intel. That came on the heels of a deal that would make the Department of Defense the largest shareholder in rare earths firm, MP Materials."
The US administration is considering acquiring up to a 10 percent stake in Lithium Americas as part of a $2.2 billion Department of Energy loan for the Thacker Pass mine in northern Nevada. Lithium Americas has held discussions with the Department of Energy and General Motors about the loan. The move reflects a strategy of direct government ownership to secure strategic mineral supply chains and reduce dependence on China, which dominates lithium refining. The Thacker Pass project is central to building a domestic lithium supply chain for electric vehicle batteries, and the company's shares jumped about 90 percent.
Read at www.aljazeera.com
Unable to calculate read time
Collection
[
|
...
]