Lithium Americas Corp. (TSE:LAC) has released an update.
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Lithium Americas Corp. has updated its construction plans for the Thacker Pass lithium project in Nevada, having received a $2.26 billion conditional loan commitment from the U.S. Department of Energy to support the initial phase aimed at producing 40,000 tonnes of battery-grade lithium carbonate per year. The capital cost for Phase 1 construction has risen to $2.93 billion, with mechanical completion targeted for 2027, and major construction due to start in the second half of 2024. In response to current market conditions, the company has minimized capital expenditures and reduced its 2024 budget to ensure liquidity until the loan closes and full construction begins.
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