(All amounts in US$ unless otherwise indicated)
VANCOUVER, British Columbia--(BUSINESS WIRE)--$LAC #Nevada--Lithium Americas Corp. (TSX: LAC) (NYSE: LAC) ("Lithium Americas" or the "Company") is pleased to announce the closing of a $2.26 billion loan from the U.S. Department of Energy's ("DOE") Loan Programs Office ("LPO") under the Advanced Technology Vehicles Manufacturing ("ATVM") Loan Program (the "DOE Loan") for financing the construction of the processing facilities at Thacker Pass, located in Humboldt County, Nevada ("Thacker Pass" or the "Project").
HIGHLIGHTS
The DOE Loan will help finance the construction of Thacker Pass, targeted to produce an initial 40,000 tonnes per annum ("tpa") of battery-quality lithium carbonate ("Phase 1"). The Company is targeting to make the final investment decision ("FID") and issue full notice to proceed ("FNTP") by the end of the year.
The DOE Loan will be supplemented by the investment agreement ("Investment Agreement") announced on October 16, 2024 with General Motors Holdings LLC ("GM") to establish a joint venture ("JV") for the purpose of funding, developing, constructing and operating ("JV Transaction") Thacker Pass. Under the terms of the Investment Agreement, GM will acquire a 38% asset-level ownership stake in Thacker Pass for $625 million in total cash and letters of credit, including a $195 million letter of credit facility ("LC Facility") that can be used as collateral to support reserve account requirements under the DOE Loan.
"We're pleased to have the Department of Energy's support to advance Thacker Pass to production and significantly improve domestic output of critical lithium supply to meet the growing domestic need," said Jonathan Evans, President and Chief Executive Officer of Lithium Americas. "This essential loan helps us reduce dependence on foreign suppliers and secure America's energy future."
Mr. Evans added, "We have substantially de-risked project financing for Phase 1 and continue to work closely with General Motors following our announcement of the asset-level joint venture. We deeply appreciate the U.S. government's support as we develop Thacker Pass to become North America's largest lithium operator and continue collaborating with all our stakeholders to bring shared success for our company, local communities and our country."
DOE ATVM LOAN DETAILS
The key terms and conditions of the DOE Loan are summarized below:
Loan Quantum | |
Interest Rate | |
Tenor | |
Other Key Terms | |
The closing of the DOE Loan follows receipt of a Conditional Commitment in March 2024. Over the past several months, the DOE confirmed the Company satisfied all technical, legal and financial conditions to close the DOE Loan.
The Company expects to make the first draw on the DOE Loan sometime in the middle of 2025. Conditions precedent to first draw include closing the GM JV Transaction, funding DOE Loan reserve accounts through the GM LC Facility, securing additional corporate working capital and project finance model bring down.
BACKGROUND
Thacker Pass is currently the largest known Measured and Indicated lithium resource in North America, targeting total production capacity of 80,000 tpa of battery-quality lithium carbonate to be developed in two phases of 40,000 tpa, respectively (Phase 1 and "Phase 2"). Phase 1 production is anticipated to commence in 2027. Material sourced from Thacker Pass will support electric vehicle ("EV") eligibility for consumer incentives under the U.S. clean energy tax credits program. Production could support lithium needs for up to 800,000 EVs annually.
On October 15, 2024, GM and Lithium Americas entered into an Investment Agreement to establish a JV for the purpose of funding the development, construction and operation of Thacker Pass. Under the terms of the Investment Agreement, GM will acquire a 38% asset-level ownership stake in Thacker Pass for $625 million in total cash and letters of credit, including $430 million of direct cash funding to the JV to support the construction of Phase 1 of Thacker Pass and a $195 million LC Facility that can be used as collateral to support reserve accounts requirements under the DOE Loan. The JV announcement follows GM's January 2023 investment of $320 million in Lithium Americas, which resulted in GM acquiring approximately 15 million common shares of Lithium Americas. GM's investments in Lithium Americas and Thacker Pass represent the largest ever publicly announced investment by a U.S. OEM in a lithium carbonate project. GM has exclusive offtake rights for up to 100% of the lithium production from Phase 1 for up to 20 years and a 20-year offtake agreement for up to 38% of Phase 2 production volumes.
Initial construction commenced in early 2023 with site preparation for major construction completed. The Company is currently focused on advancing detailed engineering, procurement and execution planning ahead of making FID, expected by the end of the year, following closing of the GM JV Transaction.
TRANSACTION ADVISORS
In connection with the DOE Loan, Goldman Sachs & Co. LLC is serving as financial advisor, and Vinson & Elkins LLP is serving as legal counsel to Lithium Americas.
TECHNICAL INFORMATION
The scientific and technical information in this news release has been reviewed and approved by Rene LeBlanc, PhD, SME, Vice President, Growth and Product Strategy of the Company, and a "qualified person" as defined under National Instrument 43-101 and Subpart 1300 of Regulation S-K under the United States Securities Act of 1933.
ABOUT LITHIUM AMERICAS
Lithium Americas is committed to responsibly developing the Thacker Pass project located in Humboldt County in northern Nevada, which hosts the largest known Measured and Indicated lithium resource in North America. The Company is focused on advancing Thacker Pass Phase 1 towards production; targeting nameplate capacity of 40,000 tpa of battery-quality lithium carbonate. The Company and its engineering, procurement and construction management contractor, Bechtel, entered into a National Construction Agreement (Project Labor Agreement) with the North America's Building Trades Unions for construction of Thacker Pass. The three-year construction build is expected to create approximately 1,800 direct jobs. Lithium Americas' shares are listed on the Toronto Stock Exchange and New York Stock Exchange under the symbol LAC. To learn more, visit or follow @LithiumAmericas on social media.
(除非另有说明,所有金额均以美元计)
不列颠哥伦比亚省温哥华--(美国商业资讯)--$LAC #Nevada--美国锂业公司 (TSX: LAC)(纽约证券交易所代码:LAC)(“Lithium Americas” 或 “公司”)欣然宣布,美国能源部(DOE)贷款计划办公室(“LPO”)在先进技术汽车制造(“ATVM”)贷款计划(“美国能源部贷款”)下完成了22.6亿美元的贷款为位于内华达州洪堡县的Thacker Pass加工设施的建设提供资金(“Thacker Pass” 或 “项目”)。
亮点
美洲锂业总裁兼首席执行官乔纳森·埃文斯表示:“我们很高兴得到能源部的支持,以推进Thacker Pass的生产,并显著提高国内关键锂供应的产量,以满足不断增长的国内需求。”“这笔基本贷款帮助我们减少对外国供应商的依赖,确保美国的能源未来。”
埃文斯补充说:“我们已经大幅降低了第一阶段项目融资的风险,并在我们宣布成立资产级合资企业后继续与通用汽车密切合作。我们深切感谢美国政府对我们发展Thacker Pass成为北美最大的锂运营商的支持,并继续与所有利益相关者合作,为我们的公司、当地社区和我们的国家带来共同的成功。”
DOE aTVM 贷款详情
美国能源部贷款的关键条款和条件总结如下:
贷款金额 | |
利率 | |
男高音 | |
其他关键条款 | 项目融资贷款机制的惯常契约和违约事件 贷款效力和项目融资贷款机制预付款的先决条件的惯例
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美国能源部贷款的关闭是在2024年3月收到有条件承诺之后完成的。在过去的几个月中,美国能源部证实,该公司满足了所有技术、法律和财务条件,完成了美国能源部贷款。
该公司预计将在2025年中期的某个时候首次提取美国能源部贷款。首次提取的先决条件包括关闭通用汽车合资交易、通过通用汽车信用证融资机制为美国能源部贷款储备账户提供资金、确保额外的企业营运资金和取消项目融资模式。
背景
Thacker Pass是目前北美最大的已知测量和指示锂资源,目标是分两个阶段开发电池质量的碳酸锂的总产能为80,000吨/年(第一阶段和 “第二阶段”),分别为40,000吨/年。第一阶段的生产预计将于2027年开始。根据美国清洁能源税收抵免计划,来自Thacker Pass的材料将支持电动汽车(“EV”)获得消费者激励措施的资格。年产量可以满足多达80万辆电动汽车的锂需求。
2024年10月15日,通用汽车和美洲锂业公司签订了一项投资协议,成立合资企业,为Thacker Pass的开发、建设和运营提供资金。根据投资协议的条款,通用汽车将以6.25亿美元的现金和信用证总额收购Thacker Pass38%的资产级所有权,其中包括向合资企业提供的4.3亿美元直接现金资金,以支持Thacker Pass第一阶段的建设,以及1.95亿美元的信用证融资,可用作抵押品,以支持美国能源部贷款下的储备账户要求。该合资公司公告是在通用汽车2023年1月向美洲锂业投资3.2亿美元之后发布的,这导致通用汽车收购了美国锂业公司约1500万股普通股。通用汽车对美洲锂业公司和Thacker Pass的投资是美国原始设备制造商有史以来对碳酸锂项目公开宣布的最大一笔投资。通用汽车拥有第一阶段高达100%的锂产量的独家承购权,期限长达20年,并对第二阶段产量的38%拥有为期20年的承购协议。
初步施工于 2023 年初开始,主要施工的场地准备工作已经完成。该公司目前专注于推进详细的工程、采购和执行计划,然后再进行外国直接投资,该计划预计将在通用汽车合资交易完成后于今年年底完成。
交易顾问
关于美国能源部贷款,高盛公司LLC担任财务顾问,文森和埃尔金斯律师事务所担任Lithium Americas的法律顾问。
技术信息
本新闻稿中的科学和技术信息已由中小企业、公司增长和产品战略副总裁雷内·勒布朗博士,以及国家仪器43-101和1933年《美国证券法》第S-k条例第1300小节定义的 “合格人员” 的审查和批准。
关于美洲锂业
Lithium Americas致力于负责任地开发位于内华达州北部洪堡县的Thacker Pass项目,该项目拥有北美最大的已知测和指示锂资源。该公司专注于推进Thacker Pass第一阶段的生产;目标是电池质量碳酸锂的铭牌产能达到40,000吨/年。该公司及其工程、采购和施工管理承包商Bechtel与北美建筑工会签订了建造Thacker Pass的国家施工协议(项目劳动协议)。这座为期三年的建筑预计将创造约1,800个直接就业机会。Lithium Americas的股票在多伦多证券交易所和纽约证券交易所上市,股票代码为LAC。要了解更多信息,请在社交媒体上访问或关注 @LithiumAmericas。