NioCorp reports high recovery rates for magnetic rare earths
Company says Elk Creek facility could play an important role in electric vehicle manufacturing
By News Channel NebraskaCentennial, CO - NioCorp Developments reports high rare earth recovery rates at its demonstration plant in Quebec that would be used at the proposed Elk Creek facility for magnetic rare earths including dysprosium and terbium.
CEO Mark Smith said a 92 percent recovery rate is a big news for the company.
Smith: “We continue to demonstrate at our demonstration plant that the rare earth recovery from our ore from the Elk Creek project is going to be 92 percent or greater. I would have to say in may 30 plus years of being in the rare earth business that has to be one of the highest recoveries that I have ever heard of.”
NioCorp officials say the company could emerge as a one of the largest producers of rare earths in North America once funding is achieved for the Elk Creek minerals project.
Chief Operating Officer Scott Honan said the demonstration plant shows the costs of rare earths extraction.
Honan: “What that allows us to do, now that we understand what that recovery is, it allows us to update our mineral reserve. And the other information we get from the demonstration plant, is we understand very well now what the costs are associated with rare earth production.”
Rare earth products are important to original equipment manufacturers and the production of electric vehicles.
Smith: “We are in very detailed discussions with OEMs. That is how important this is going to be to the production of electric vehicles. If you’re going to depend on China for those rare earths or those rare earth magnets, you’re not going to be eligible for that inflation reduction act tax credit.”
The Inflation Reduction Act includes $500 million to ensure domestic production of critical resources and provides tax credits for up to 10 percent of production costs.
NioCorp announced a rare earth resource in its feasibility study six months ago.