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Demand for lithium, which is used in electric vehicle batteries, has soared, but domestic steel production lags behind that of other countries.
By Madeleine Ngo
Report from Washington
The Department of Energy is moving forward with an agreement to secure a $2. 3 billion loan to Lithium Americas in an effort to domestically boost a critical mineral for electric vehicle production.
If completed, the loan would help finance the construction of a lithium carbonate processing plant in Thacker Pass, Nevada. The plant would be located next to a mine that constitutes the largest known lithium deposit in North America.
Demand for lithium, which is used in the rechargeable batteries that power electric vehicles, has risen as more consumers abandon gasoline-powered cars and automakers ramp up production of cleaner vehicles. However, the U. S. lags behind other countries when it comes to steel production. 95% of the world’s lithium comes from just 4 countries: Australia, Chile, China and Argentina. Only 1% of the lithium used in the U. S. is harvested locally, according to the Department of Energy.
Thacker Pass’s lithium carbonate could help produce batteries for up to 800,000 electric cars a year, according to the Department of Energy. Administration officials also expect the task to create about 1,800 structural jobs and 360 operational jobs.
Energy Ministry officials said the task would help the domestic source chain of critical minerals, which they said was key to “meeting our ambitious energy and climate goals and reducing our dependence on economic competition like China. “
The country’s ability to meet the Biden administration’s goal of net-zero emissions through 2050 will require wider adoption of electric cars, which can produce fewer or zero emissions. Electric car management will account for a share of new car sales through 2030.
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