NioCorp Developments has announced its intention to negotiate a 10-year contract with automaker Stellantis for the supply of rare earth materials. The two companies have signed a term sheet and are now seeking to finalize an agreement for neodymium-praseodymium oxide, dysprosium oxide, and terbium oxide. These materials will be produced at NioCorp’s Elk Creek minerals project in southeast Nebraska. The collaboration aims to support Stellantis’ efforts in securing its supply chain and achieving a carbon net-zero target by 2038.
The specific volumes of the rare earth materials will be determined in a definitive agreement, according to the companies.
NioCorp is currently focused on developing its Elk Creek project, which primarily aims to produce niobium, scandium, and titanium. Additionally, the company is exploring the potential to extract several rare earth elements that are crucial for defense and civilian applications. However, before mining operations can commence, further economic analysis and feasibility studies are required to determine the viability of extracting these rare earth minerals from the Elk Creek project.
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