Energy Department conditionally approves $2.26 billion loan for huge lithium mine in Nevada

By SCOTT SONNER
Associated Press

RENO, Nev. (AP) — President Joe Biden’s administration has agreed to provide a $2.26 billion conditional loan for a huge lithium mine in Nevada. The money will help Canadian-based Lithium Americas cover construction costs of a processing facility at its giant mine in the works in northern Nevada near the Oregon line. The U.S. Energy Department said Thursday the conditional commitment to the loan will help finance the construction of a lithium carbonate processing plant at the Thacker Pass mine about 200 miles north of Reno. The department said the project is located next to a mine site that contains the largest proven lithium reserves in North America. Lithium is a key element used in the manufacture of batteries for electric vehicles.