US Strategic Metals gains approval for $100.8m loan program
USSM is planning to mine what it considers to be the largest cobalt reserve in North America.
Canada-based miner Lithium Americas Corp said on Monday it was exploring a separation of its U.S. and Argentinian operations by creating an independent public company focused on the Thacker Pass lithium project in Nevada.
The Thacker Pass project, approved by former U.S. President Donald Trump’s administration in January last year, could become the largest U.S. source of lithium – a metal that has surged in demand globally due to its use in electric vehicles.
But the project faces opposition in a federal court from some indigenous tribes who ask for the approval to be overturned. Lithium Americas said last week it expects the final court decision on the matter by September end.
The company’s main operations in Argentina are centered around the Caucharí-Olaroz lithium brine project that it jointly owns with China’s Ganfeng Lithium. The operation is set to complete construction this year.
With both the assets progressing towards production, the company said it had begun studying the viability of a spinoff.
“While no final decision has been made, we believe a separation could enable each of our businesses to maximize and accelerate their strategic objectives, with dedicated focus and increased financial flexibility,” Chief Executive Officer Jonathan Evans said in a statement.
(By Ruhi Soni; Editing by Aditya Soni)
Comments