GM delays additional $330M investment in Lithium Americas Thacker Pass project

Lithium Americas (NYSE:LAC) +1.5% pre-market Friday after saying that General Motors (GM) has delayed the outside date for its second tranche of investment in the miner until the end of the year, while reaffirming its intention to complete the additional $330M investment to support the development of the Thacker Pass project in Nevada.

GM (GM) had announced a $650M investment in two tranches in Lithium Americas (LAC) last year to help the development of Thacker Pass, which contains battery metal to build 1M electric vehicles per year.

Lithium Americas (LAC) said it is exploring alternative structures for GM’s (GM) investment and extended the date for deal closure to December 20 to provide time for such discussions to occur.

GM’s (GM) investment is subject to conditions including the execution of a $2.26B loan agreement with the U.S. Department of Energy, which the company is rushing to finish by year-end because of uncertainties over the results of the presidential election.