The US government deals

The US Department of Energy has taken stock shares in the Canadian company, Li -Terium, and its joint project in Nevada Mining with General Motors as part of a re -negotiation of a federal loan.

Under the new conditions, the United States government will take 5 % ownership of ownership of a 5 % American and ownership of the Li -Biithium American joint project. The shares of stocks will be obtained through costs of cost, which are financial tools that give the government the right to purchase shares at a specific price. The new conditions came out of re -negotiation with the loan programs office at the Ministry of Energy More than 2.26 billion dollars loan This was granted to Lithium America under Biden.

Lithium America’s shares increased by 34 % in the post -hours trade.

The Ministry of Energy said that the shares will work as an additional guarantee on the loan, which helps reduce the risk of payment of taxpayers. Lithium is a major chemical component used in electric car batteries and smartphones.

“Although there are some of the largest deposits, the United States produces less than 1 % of the global offer of Lithium. Thanks to President Trump’s bold leadership, the US lithium production will rise,” said US Energy Minister Chris Wright in a press statement. “Today’s declaration helps reduce our dependence on foreign opponents of critical minerals by strengthening local supply chains and ensuring better supervision of US taxpayers dollars. President Trump promised to do the two things and hand him over.”

The advertisement on Tuesday is the latest action by the Trump administration to take ownership shares in companies. The Trump administration has announced plans to take a 10 % stake in Intel MP materials, which run a rare mine of earth minerals in the United States.

Lithium America is developing the Thacker Pass mine in Nevada, which is expected to produce enough lithium to make up to 800,000 electric cars annually in the first stage. President Trump agreed to the project permit in January 2021, at the end of his first term.

General Motors bought a 38 % stake in Lithium Americas last year for $ 625 million, which granted the auto industry the right to purchase the entire first stage of production, and lehium from the mine for 20 years during the second stage. In total, this will be sufficient for lithium for 1.6 million volts over the next two decades.