After Nevada lithium deal GM looks for other sources of minerals to supply EVs

General Motors plans to increase its North American investment in lithium and other minerals that are used in the production of electric vehicles, after increasing its investment to almost $1 billion in a Nevada mining operation earlier this week.

The U.S. carmaker announced on Wednesday that it will form a joint-venture with Lithium Americas in order to develop the largest lithium mine in North America, the Thacker pass lithium mine.

The investment by GM in the project has been increased to $950 millions from its initial investment of $325 million announced last year. The automaker also gets a stake in the mine, and its production rights are doubled to 20 years.

Jeff Morrison said that GM is open to other mineral deals on the continent. He was speaking in an interview with Jeff Morrison, GM’s senior vice-president of global procurement and supply chain.

He said that GM has a majority of its deals for mineral supply and not necessarily joint ventures. The automaker would likely continue to use this approach.

Morrison stated that "we don't wish to become a miner." "Our primary goal is to create a North American-based, Western-allied supply chain that relies on North America. To achieve this, we must select partners and assets to determine what they will need to do in order to industrialize.

GM has also signed agreements with Glencore to purchase cobalt, a deal with Queensland Pacific Metals for nickel and cobalt mining, and a deal with Arcadium Lithium for lithium supply.

Despite delays, the automaker invested in Controlled Thermal Resources Hell's Kitchen Geothermal Brine Project in California in 2021.

Morrison stated that GM "is still working with them, and is still close to them." (Reporting and editing by Bill Berkrot.)

(source: Reuters)