8th Feb 2023 14:35
(Alliance News) - Trident Royalties PLC on Wednesday said it has received a favourable ruling from the District of Nevada Court for its appeal against the Bureau of Land Management for the issuance of the record of decision relating to Lithium Americas Corp's Thacker Pass project.
The London-based mining royalty and streaming company said the federal court ruling said the permitting process for Thacker Pass was "conducted thoroughly and responsibly", meaning that construction can begin unimpeded.
The court ordered the BLM to investigate whether LAC had adequate mining-claim rights to the lands which had been designated as a waste storage area, the company said, but did not impose restriction that would affect the timeline of construction.
Trident holds 60% interest in a gross revenue royalty over the whole Thacker Pass lithium project, which is operated by LAC.
Trident said LAC expects the project to have a 40-year mine life, producing 80,000 tonnes of battery quality lithium carbonate per year. Earlier this month, General Motors Co announced a USD650 million equity investment in LAC and a 10-year offtake agreement to purchase phase 1 production from Thacker Pass.
The first phase of production is expected to begin in the second half of 2026.
LAC Chief Executive Officer Jonathan Evans said: "We are pleased that the Federal Court has recognized the BLM's decision to issue the Federal Permit, reflecting our considerable efforts to ensure Thacker Pass is developed responsibly and for the benefit of all stakeholders.
"The favourable ruling leaves in place the final regulatory approval needed in moving Thacker Pass into construction."
Trident shares were up 1.2% trading at 57.69 pence per share on Wednesday afternoon in London.
By Harvey Dorset, Alliance News reporter
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