Lithium Americas has delineated what it believes to be the world’s largest lithium resource at its Thacker Pass project in Nevada.
The project’s proven and probable mineral reserve estimate (MRE) of 14.3 million tonnes lithium carbonate equivalent has the potential to support an 85-year mine life across up to five phases of production.
This MRE is a 286 per cent increase from a November 2022 feasibility study.
Lithium Americas plans to scale up to 160,000 tonnes per annum (tpa) of lithium carbonate production across four expansion phases of 40,000tpa each, with each expansion to be built four years apart.
The company hopes to generate average annual EBITDA of $2.2 billion per year from Thacker Pass, with phase one of the mine set to cost $2.93 billion and be completed in late 2027.
A final investment decision for phase one is expected to be made early this year, with Bechtel the engineering, procurement and construction management (EPCM) contractor.
Lithium Americas president and chief executive officer Jonathan Evans said Thacker Pass represents a “multi-generational opportunity”.
“Thacker Pass is now the largest measured lithium reserve and resource in the world and has the potential to become an unmatched district, generating American jobs and helping the US regain independence of its energy supply,” he said.
“We are committed to safely and sustainably developing Thacker Pass while engaging with our stakeholders to increase domestic production of critical minerals.”
Lithium Americas climbed from $US3.40 per share to $US3.55 per share on the New York Stock Exchange following the announcement on January 7. The company has since retreated to the $US3.30 per share mark.
Lithium Americas is also listed on the Toronto Stock Exchange but is not listed on the ASX.
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