NioCorp welcomes US decision to prioritise local rare earth production
TSX-listed NioCorp Developments has applauded the US House of Representatives for including in its fiscal year 2021 National Defense Authorization Act (NDAA) legislative provisions aimed at highlighting the growing urgency for the US to produce more of its own critical minerals, including niobium.
The House passed its version of the NDAA in a 295 to 125 bipartisan vote on July 21.
The Bill contains provisions highlighting the need to establish domestic production capacity of niobium materials, as well as language supporting domestic production capacity of rare earth elements, which includes scandium.
Both niobium and scandium were designated by the US government as "critical minerals" in 2018 and NioCorp plans to produce niobium, scandium and titanium at its Elk Creek superalloy materials project, in Nebraska.
"NioCorp is pleased to see the US House adopt this bipartisan call for efforts to strengthen critical minerals supply chains. In particular, the House Bill specifically highlights the need to establish a secure domestic supply chain for niobium oxide.
"While our Elk Creek project [will not] initially produce high-purity niobium oxide materials, this initiative by Congress does shine a brighter light on the strategic importance of niobium in general. That is helpful to the Elk Creek project, given that we intend to be the first to mine and process niobium in the US,” says NioCorp CEO and executive chairperson Mark A Smith.
The full US Senate is currently debating its version of the NDAA, which was passed by the Senate Armed Services Committee in June.
Assuming both Bills get approved, they will go to a House-Senate conference committee where differences between the two versions are expected to be resolved.
A final compromise measure is then presented to each chamber for a vote. A final Bill is then sent to the President for his signature or veto.
An NDAA Bill has been enacted into law every year for the past 59 years.
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