Elk Creek Scandium and Rare Earth Metals Project

planned

The U.S. Department of Defense awarded up to $10 million to Elk Creek Resources, a unit of NioCorp Developments, to improve design and processes at the Elk Creek project in Nebraska. The project aims to increase domestic supply of scandium and other rare earth metals, including niobium and titanium, reducing reliance on foreign sources. Cost-saving measures include scrapping plans for a sulfuric acid plant and switching to a fully electric twin-ramp rail system for underground mining, potentially reducing capital costs from $1.14 billion by $300 million. The project has completed drilling, metallurgy, and obtained all permits, and is in the final stages of project finance before construction starts.