Lithium Americas (LAC) is up 21%, or $4.36.
All after the U.S. Bureau of Land Management (BLM) gave final approval for the company’s Thacker Pass lithium mine in Nevada. The company is now seeking financing for the project, which could start producing lithium by October 2022. Helping quite a bit, EV sales are growing much faster than anyone expected.
Remember, with the electric vehicle boom well under way, companies will need as much lithium as they can get their hands on. “It is anticipated demand for vehicle battery metal will increase sharply over the next several years as automakers abandon internal combustion engines for EVs,” as noted by Resource World.
“Per Statista data, lithium demand is expected to more than double to 820,000 tons over the next five years. Chile’s state mining agency, Cochilco, projects lithium demand to increase to 1.79 million tons per year by 2030. According to Allied Market Research, the global Lithium-ion battery market was valued $36.7 billion in 2019 and is projected to hit $129.3 billion by 2027, at a CAGR of 18.0% from 2020 to 2027.”
Plus, Joe Biden and Democrats are also positive catalysts for EV and lithium growth.