The nation’s second-largest deposit of rare-earth magnet material is sitting under the ground in southeast Nebraska.That’s the estimation of a geological study of the Elk Creek project released Wednesday by Colorado-based NioCorp.The company references a 2022 feasibility study, with further research ongoing. It was already planning on pulling niobium, scandium and titanium out of the ground south of Tecumseh.”With the addition of the magnetic rare earths, the Elk Creek Project will stand out from virtually every other greenfield project in the U.S. in terms of its potential ability to produce multiple critical minerals that are essential to electrified transportation, renewable energy production, green mega-infrastructure projects, and many other applications that are in increasing demand around the world,” Mark Smith, NioCorp chief executive, said in a statement.NioCorp took the big step of buying the land in 2021, but it still needs to raise the money to start the mining project. The estimated lifespan of the mine, according to geological surveys, is 38 years. “These results will help to accelerate our work to finalize the metallurgical, engineering, and economic feasibility of expanding the commercial critical mineral products we plan to make in Nebraska to include rare earths once financing is secured,” Scott Nonan, NioCorp’s operating chief, said in a statement.The news of the project’s viability comes as policymakers in Washington are increasingly focused on expanding the domestic supply of critical minerals.The largest rare earth deposit in the U.S. is in Mountain Pass, California. That active mine is 60 miles south of Las Vegas.In February, the Biden Administration announced a slew of actions meant to strengthen production in the U.S. “The U.S. is increasingly dependent on foreign sources for many of the processed versions of these minerals,” the White House noted in a statement. “Globally, China controls most of the market for processing and refining for cobalt, lithium, rare earths and other critical minerals.”As carmakers embrace electrification, the Biden Administration estimated demand for critical materials like lithium and graphite could spike 4,000%.
The nation’s second-largest deposit of rare-earth magnet material is sitting under the ground in southeast Nebraska.
That’s the estimation of a geological study of the Elk Creek project released Wednesday by Colorado-based NioCorp.
The company references a 2022 feasibility study, with further research ongoing. It was already planning on pulling niobium, scandium and titanium out of the ground south of Tecumseh.
“With the addition of the magnetic rare earths, the Elk Creek Project will stand out from virtually every other greenfield project in the U.S. in terms of its potential ability to produce multiple critical minerals that are essential to electrified transportation, renewable energy production, green mega-infrastructure projects, and many other applications that are in increasing demand around the world,” Mark Smith, NioCorp chief executive, said in a statement.
NioCorp took the big step of buying the land in 2021, but it still needs to raise the money to start the mining project. The estimated lifespan of the mine, according to geological surveys, is 38 years.
“These results will help to accelerate our work to finalize the metallurgical, engineering, and economic feasibility of expanding the commercial critical mineral products we plan to make in Nebraska to include rare earths once financing is secured,” Scott Nonan, NioCorp’s operating chief, said in a statement.
The news of the project’s viability comes as policymakers in Washington are increasingly focused on expanding the domestic supply of critical minerals.
The largest rare earth deposit in the U.S. is in Mountain Pass, California. That active mine is 60 miles south of Las Vegas.
In February, the Biden Administration announced a slew of actions meant to strengthen production in the U.S.
“The U.S. is increasingly dependent on foreign sources for many of the processed versions of these minerals,” the White House noted in a statement. “Globally, China controls most of the market for processing and refining for cobalt, lithium, rare earths and other critical minerals.”
As carmakers embrace electrification, the Biden Administration estimated demand for critical materials like lithium and graphite could spike 4,000%.
Read More:Nebraska mine could be nation’s second-largest rare earth deposit
2022-05-20 01:49:00
