Energy Department conditionally approves $2.26 billion loan for huge lithium mine in Nevada

abcnews.go.com:

President Joe Biden's administration has agreed to provide a $2.26 billion conditional loan for a huge lithium mine in Nevada

RENO, Nev. — President Joe Biden's administration has conditionally agreed to loan more than $2 billion to the company building a controversial lithium mine in Nevada with the largest known U.S. deposit of the metal critical to making batteries for electric vehicles key to his renewable energy agenda.

The U.S Energy Department agreed on Thursday to provide the $2.26 billion conditional loan to Canada-based Lithium Americas to help cover costs at its open pit mine deeper than the length of a football field near the Oregon line.

The loan would help finance the a lithium carbonate processing plant at the Thacker Pass mine about 200 miles (322 kilometers) north of Reno — «the largest-proven lithium reserves in North America,” DOE said in a statement.

“Thacker Pass is a treasure trove of lithium — key to strengthening U.S. energy security and electrifying America,” Energy Secretary Jennifer Granholm said in a message posted Friday on X, formerly known as Twitter.

“By presenting this $2.26B conditional loan, we’ll help level the global playing field and supercharge clean energy manufacturing nationwide,” she said.

The Energy Department said the loan is contingent on its Loan Programs Office's review of the project under the National Environmental Policy Act.

Biden’s renewable energy agenda aimed at easing U.S. reliance on fossil fuels so as to reduce greenhouse gas emissions is expected to be a key issue in his reelection bid against ex-President Donald Trump, who has said he would focus on drilling for more oil.

The department said lithium carbonate from Thacker Pass could support the production of