After Nevada lithium deal, GM eyes other sources for EV minerals supply

QPM Energy

17/10/2024 20:02

By Ernest Scheyder
       Oct 17 (Reuters) - General Motors  GM.N  is eyeing
further North American investments in lithium and other critical
minerals used to build electric vehicles after boosting its
investment in a Nevada mine to nearly $1 billion earlier this
week, an executive said on Thursday.
    The U.S. automaker on Wednesday said it would form a joint
venture with Lithium Americas  LAC.TO  to develop the Thacker
Pass lithium mine, North America's largest source of the battery
metal. 
    The move increases GM's investment in the project by an
additional $325 million to $950 million after an initial
investment announced last year. It also gives the automaker a
partial ownership stake in the mine and doubles its access to
production to at least 20 years.
    While the Thacker Pass JV should supply GM with a
"significant" amount of its lithium, the company is open to
other critical minerals deals on the continent, Jeff Morrison,
GM's senior vice president of global purchasing and supply
chain, said in an interview on Thursday.
    A majority of GM's deals are for minerals supply, not
necessarily JVs, and the automaker likely would continue that
approach, he added.   
    "We don't want to become a mining company," Morrison said.
"Our main goal is to build out a North American based,
Western-allied, reliant supply chain. To do that, we have to
pick partners and assets and figure out what they need to do to
industrialize and be successful." 
    GM also has agreements to buy cobalt from Glencore  GLEN.L ,
an investment in nickel and cobalt miner Queensland Pacific
Metals  QPM.AX , and a lithium supply deal with Arcadium Lithium
 ALTM.N , among others. 
    The automaker in 2021 invested in Controlled Thermal
Resources Hell's Kitchen geothermal brine project in California,
although that project has experienced delays. 
    Morrison said GM is "still working with them and still
staying close with them."

 (Reporting by Ernest Scheyder
Editing by Bill Berkrot)
 ((ernest.scheyder@thomsonreuters.com; X: @ErnestScheyder;
+1-469-691-7667; Reuters Messaging:
ernest.scheyder.thomsonreuters.com@reuters.net))