The mine at Thacker Pass is expected to become the largest producer of lithium in the Western Hemisphere once it opens in 2028. US production of lithium is currently under 5,000 metric tons. For comparison, China — the third-biggest lithium producer after Australia and Chile — already produces 40,000 metric tons annually. In restructuring the loan, the Department of Energy says the revised agreement includes more than $100 million of new equity. Energy Secretary Chris Wright told Bloomberg Television that the US needed to take an equity stake to ensure the mine’s viability as lithium prices drop worldwide.