LAC stock surged 17% in after-hours trading on January 15, 2021, after the company announced that the United States Bureau of Land Management has issued the Record of Decision for the Thacker Pass lithium project.
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Lithium Americas Corp. (TSX: LAC) (NYSE: LAC) (“Lithium Americas” or the “Company”) is pleased to announce that the United States Bureau of Land Management (“BLM”) has issued the Record of Decision (“ROD”) for the Thacker Pass lithium project (“Thacker Pass” or the “Project”) following completion of the National Environmental Policy Act (“NEPA”) process. Thacker Pass, located 100 km northwest of Winnemucca, in Humboldt County, Nevada, is 100% owned by Lithium Nevada Corp. (“Lithium Nevada”), a US corporation and wholly-owned subsidiary of Lithium Americas.
“The issuance of the ROD is the culmination of over 10 years of hard work from the Thacker Pass team, as well as the BLM and other federal, state and local agencies, all of whom worked tirelessly to ensure their respective commitments to environmental stewardship and community engagement,” commented Jon Evans, President and CEO. “With the federal permitting process complete, our focus is on advancing the financing process including discussions with potential strategic partners.”
Receipt of the ROD represents an important milestone in the development and the permitting of the Thacker Pass Project. Applications for key state permits and water rights transfers have been submitted, with results expected later this year.
On January 6, 2021, Canaccord analyst Katie Lachapelle raised the firm’s price target on Lithium Americas to C$20 from C$11.50 and keeps a Speculative Buy rating on the shares.