National

GM to invest US$650 million in Lithium Americas

Darpan News Desk The Canadian Press, 31 Jan, 2023 10:57 AM

VANCOUVER - General Motors Co. has signed a deal to invest US$650 million in Lithium Americas Corp. which is developing the Thacker Pass lithium project in Nevada.

Under the agreement, GM will receive exclusive access to Phase 1 production from the mine through a binding supply agreement and a right of first offer on Phase 2 production.

Lithium is a key component in batteries used by electric vehicles.

In the first tranche of the investment deal, GM spend US$320 million for 15 million shares or a 9.999 per cent stake in Lithium Americas.

The automaker will make a second investment worth US$330 million in the company’s U.S. business following a separation of its U.S. and Argentine businesses.

Phase 1 production at Thacker Pass is expected to start in the second half of 2026.

Prev Next

MORE National ARTICLES

Fiscal room tightening as economy teeters

Prime Minister Justin Trudeau has said affordability and making Canada competitive were his priorities heading into this cabinet meeting. Ottawa is insisting on accountability for any new health funding and Trudeau has not publicly committed to meet the premiers' demands.

Fiscal room tightening as economy teeters

Man in distress pours milk on his face in a grocery store, turns out he had been victim of an assault

On January 17th at approximately 5:50 pm the New Westminster Police were called to the 800 block of Carnarvon Street to assist a man in distress who was pouring milk on his face inside a grocery store. Officers learned that the man was the victim of an assault and moments earlier he had been assaulted with bear spray in an attempted robbery.

Man in distress pours milk on his face in a grocery store, turns out he had been victim of an assault

Trudeau mum on sending tanks to Ukraine

Nearly a year after Russia's invasion, most members of the NATO military alliance have said they're in favour of giving Leopard 2 tanks to Kyiv, but Germany has not. As a major supplier of the tanks, Germany requires that allies seek permission before re-exporting them to other countries, and Berlin has warned against provoking Russia.

Trudeau mum on sending tanks to Ukraine

Parks Canada announces upgrades in mountain parks

The $71 million in federal funding for Banff, Jasper, Yoho and Kootenay national parks includes upgrades to critical infrastructure, such as Parks Canada dispatch for emergency calls, as well as to several roadways and bridges. It also includes improvements in the community of Lake Louise, Alta.

Parks Canada announces upgrades in mountain parks

Inquest into suicide of VPD officer begins

Jennifer Chan told the inquest she believed her sister's mental health problems stemmed from sexual assault and extortion by her co-worker, culminating in her death by suicide in January 2019.

Inquest into suicide of VPD officer begins

Telus merges mobility, home service into new unit

Telus says the change, which sees Mobility Solutions and Home Solutions & Consumer Excellence becoming one under the new title, represents the next chapter for the company. The company says Jim Senko, executive vice-president and former president of Mobility Solutions, is now chief product officer of the consumer solutions unit, a newly created role.