Why Lithium Americas Stock Jumped 8% Today
Shares of start-up lithium miner -- and General Motors partner -- Lithium Americas (NYSE: LAC) soared 8.1% through 11:50 a.m. ET on Tuesday, after a federal district court in Nevada issued what the company called a "favorable ruling" in an appeal against a Bureau of Land Management (BLM) ruling.
The judge's decision didn't give Lithium Americas everything it wanted. As Reuters relates, the U.S. District Court for the District of Nevada instructed the BLM to consider whether Lithium Americas should be permitted to dump waste rock from its Thacker Pass lithium project at a location just south of the Oregon border. That decision could still go against Lithium Americas.
Still, the court did affirm that the permitting process for Thacker Pass, conducted under the Trump administration, "was conducted thoroughly and responsibly" and rejected claims that the project would do undue environmental harm. Taken as a whole, the judge's decision "leaves in place the final regulatory approval needed in moving Thacker Pass into construction."
Source Fool.com
