NioCorp Receives $10 Million Grant for Rare Earth Mine
NioCorp Developments Ltd. (NASDAQ:NB) has officially received a $10 million grant from the Department of Defense (DOD) to advance its rare earth minerals mine project in southeast Nebraska. This funding underscores the government's commitment to domestic production of critical minerals essential for various industries, including defense and technology.
The grant will primarily support ongoing studies to further assess the underground resources and secure a potential $800 million loan from a government bank. NioCorp aims to establish a comprehensive supply chain, collaborating with the DOD to ensure a stable source of scandium and other rare earth elements.
Fox Business Appearance
Adding to the positive momentum, Mark Smith, Chairman and CEO of NioCorp, is scheduled to appear on Fox Business Network's "Mornings with Maria" on Wednesday, August 6, 2025, at 8:45 AM ET. This appearance will provide an opportunity to discuss the company's progress and the significance of domestic rare earth mineral production.
The Importance of Scandium
Scandium, one of the minerals targeted by NioCorp, is crucial for various applications, including aerospace, electronics, and high-performance alloys. A domestic supply chain for scandium would reduce reliance on foreign sources and bolster national security. The proposed mine in southeast Nebraska has the potential to produce a significant portion of the world's scandium supply.
- Defense applications
- Aerospace components
- High-performance alloys
The development of this mine represents a significant step towards securing a domestic supply of critical minerals and strengthening the U.S. industrial base.