Make Kitco Your Homepage

Lithium Americas raised US$400M to build gigantic lithium mine in the U.S.

Kitco News

Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here!

(Kitco News) - Lithium Americas (TSX, NYSE: LAC) announced today the closing of its previously announced underwritten public offering of shares of its common stock for gross proceeds to the company of approximately US$400 million.

The company said that the net proceeds from the offering are intended to be used to fund development of the Thacker Pass lithium project and for general corporate and working capital purposes.

The Thacker Pass project is a pre-feasibility stage lithium project located in Humboldt County in northern Nevada, USA. The project is situated at the southern end of the McDermitt Caldera, approximately 100 km northwest of Winnemucca. In 2018, Lithium Americas completed a pre-feasibility study on a two phase project with a production capacity designed to reach 60,000 tpa of battery-grade lithium carbonate and 46 year mine life.

Thacker Pass is the largest known lithium resource in the United States and the next large scale lithium mine.

Lithium Americas is a development-stage company with projects in Jujuy, Argentina and Nevada, USA.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.