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Lithium Americas cuts budget, production target for Thacker Pass project

Lithium Americas Corp. has trimmed down its budget for the first phase of the Thacker Pass project in Nevada to US$400 million from the previously forecast US$581 million, and its annual production target to 20,000 tonnes of lithium from the earlier guidance of 30,000 tonnes, Reuters reported Sept. 25.

The company made the adjustments to the project, which is expected to open in 2023, amidst growing concern of a global supply glut for lithium.

Meanwhile, the company said in a statement that its plan of operation for the project is deemed complete by the Bureau of Land Management, and all major permits for Phase 1 operations are expected to be received by the end of 2020.

The company has partnered with Sawtooth Mining LLC, a subsidiary of NACCO Industries Inc. and the North American Coal Corporation, for a long-term mining contract to provide mine engineering, construction, operation and reclamation services as well as certain equipment.