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Energy Department grants $2.26B loan for Nevada lithium project – UPI.com

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Energy Department grants .26B loan for Nevada lithium project – UPI.com


Lithium Americas has received conditional approval for a multi-billion-dollar loan from the U.S. Department of Energy to help fund a massive development project in Nevada. Photo by ultrabem.com/Flickr

March 16 (UPI) — Lithium Americas has received conditional approval for a multi-billion-dollar loan from the U.S. Department of Energy to help fund a massive development project in Nevada.

The Canadian mineral exploration company confirmed the $2.26 billion loan earlier this week, which will cover a three-year period and comes with an estimated $290 million worth of interest.

Interest falls in line with applicable U.S. Treasury rates.

The Vancouver-based company plans to use the money to develop its Thacker Pass project in Humboldt County, Nev. The site is located approximately 200 miles northeast of Reno.

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“The United States has an incredible opportunity to lead the next chapter of global electrification in a way that both strengthens our battery supply chains and ensures that the economic benefits are directed toward American workers, companies and communities,” Lithium Americas President and CEO Jonathan Evans said in a statement on the company’s website.

“The ATVM Loan Conditional Commitment announced today by the DOE is a significant milestone for Thacker Pass, which will help meet the growing domestic need for lithium chemicals and strengthen our nation’s security.”

The facility itself is expected to produce 40,000 metric tons per year of battery-grade lithium carbonate once fully operational. The inorganic compound will be primarily used in electric vehicles.

The British Columbia mineral explorer expects to reach full capacity by 2027 and could eventually increase production by 80,000 metric tons annually as the market for electric vehicles grows.

General Motors owns an equity stake in the project, after investing $650 million earlier last year.

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The project is also being buoyed by an equity investment from General Motors. The auto manufacturer announced the investment of $650 million in early 2023, which also included a supply agreement,

“Thacker Pass is a treasure trove of lithium — key to strengthening U.S. energy security and electrifying America,” Energy Secretary Secretary Jennifer Granholm said in a statement on X.

“By presenting this $2.26B conditional loan, we’ll help level the global playing field and supercharge clean energy manufacturing nationwide.”





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IN RESPONSE: Cortez Masto lands bill would keep the proceeds in Nevada

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IN RESPONSE: Cortez Masto lands bill would keep the proceeds in Nevada


A recent Review-Journal letter to the editor mischaracterized Sen. Catherine Cortez Masto’s Southern Nevada Economic Development and Conservation Act, also known as the Clark County Lands bill. As the former executive director of the Nevada Conservation League, I wholeheartedly support this legislation, so I wanted to set the record straight.

Sen. Cortez Masto has been working on this bill for years in partnership with state and local governments, conservation groups like the NCL and local area tribes. It’s true that the Clark County lands bill would open 25,000 acres to help Las Vegas grow responsibly, while setting aside 2 million acres for conservation. It would also help create more affordable housing throughout the valley while ensuring our treasured public spaces can be preserved for generations to come.

What is not correct is that the money from these land sales would go to the federal government’s coffers. In fact, the opposite is true.

The 1998 Southern Nevada Public Lands Management Act is a landmark bill that identified specific public land for future sale and created a special account ensuring all land sale revenues would come back to Nevada. In accordance with that law 5 percent of revenue from land transfers goes to the state of Nevada for general education purposes, 10 percent goes to the Southern Nevada Water Authority for needed water infrastructure and 85 percent supports conservation and environmental mitigation projects in Southern Nevada. This legislation has provided billions to Clark County and will continue to benefit generations of Southern Nevadans. Sen. Cortez Masto’s lands bill builds upon the act’s success.

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So here’s the good news: All of the money generated from land made available for sale under Sen. Cortez Masto’s bill would be sent to the special account created by the 1998 law. Rather than going to an unaccountable federal government, the proceeds would continue to help kids in Vegas get a better education, bolster outdoor recreation and modernize Southern Nevada’s infrastructure.

I know how important it is that money generated from the sale of public land in Nevada stay in the hands of Nevadans, and so does the senator. That’s why she opposed a Republican effort last year to sell off 200,000 acres of land in Clark County and other areas of the country that would have sent those dollars directly to Washington.

Public land management in Nevada should benefit Nevadans. We should protect sacred cultural sites and beloved recreation spaces, responsibly transfer land for affordable housing when needed and ensure our state has the resources it needs to grow sustainably. I will continue working with Sen. Cortez Masto to advocate for legislation, such as the Clark County lands bill, that puts the needs of Nevadans first.

Paul Selberg writes from Las Vegas.

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Las Vegas High beats Coronado in 5A baseball — PHOTOS

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Las Vegas High beats Coronado in 5A baseball — PHOTOS