Lithium Americas (NYSE:LAC) stock is getting a boost on Tuesday thanks to a new ruling on its Thacker Pass project.
This saw the U.S. District Court, District of Nevada give a favorable ruling to the company in its appeal against the Bureau of Land Management. This had it seeking a Record of Decision connected to the Thacker Pass project.
With this ruling, the court confirmed that the permitting process for the Thacker Pass project was carried out properly. As such, the company can move forward with construction and no restrictions should affect its timeline.
Jonathan Evans, President and CEO of Lithium Americas, said the following about the ruling:
“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 favorable ruling leaves in place the final regulatory approval needed in moving Thacker Pass into construction.”
What This Means for LAC Stock
Lithium Americas securing approval for construction means it can move forward with its lithium mining plans. Lithium is a hot commodity right now as it’s needed for batteries, such as those used in electric vehicles (EVs). Now, Lithium Americas is open to start the project, which will likely open it up to more revenue.
LAC stock is up 9.9% as of Tuesday morning. That comes as some 4 million shares change hands, as compared to the daily average trading volume of about 2.4 million shares.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.