Orion Resource Partners LP has agreed on a strategic investment of $250 million to advance the development of the Thacker Pass mine owned by Lithium Americas Corp.
After this round of investment, the project is expected to achieve fully funded status. Completion of Thacker Pass Phase 1 is targeted for late 2027.
Orion has committed to purchase senior unsecured convertible notes of Lithium Americas in the total amount of $195 million. The parties signed an offtake agreement according to which Orion will pay Lithium Americas $25 million in exchange for payments corresponding to the minerals processed and gross revenue generated by Thacker Pass.
Orion may also provide additional investment, by request of Lithium Americas, for a total of $30 million. Lithium Americas said the investment would allow it to finalise the financial requirements for its $2.26-billion loan from the US Department of Energy (DoE), secured in partnership with General Motors.
“Orion’s commitment to this project highlights the strategic importance of Thacker Pass to national security and developing a domestic supply chain, as we work to reduce American dependence on foreign suppliers for critical minerals,” said Lithium Americas’ President and CEO Jonathan Evans.
Theodor Lisovoy, Managing Editor, Rough&Polished
