NioCorp Developments Ltd.
(“NioCorp” or the
"Company”) (TSX:NB) (OTCQX:NIOBF) (FSE: BR3) today
praised the efforts of U.S. Congressmen Don Bacon (NE-02) and
Adrian Smith (NE-03) to have the Administration include Scandium in
the “Critical Minerals” list now being developed in response to
President Donald J. Trump’s Executive Order of December 20, 2017
(“Federal Strategy to Ensure Secure and Reliable Supplies of
Critical Minerals.”)
Nebraska stands to emerge as a major global producer of Scandium
once NioCorp’s Elk Creek Superalloy Materials Project (the
“Elk Creek Project”) comes online. As
currently planned, the Elk Creek Project is estimated to produce
more than 100 tonnes of Scandium oxide product annually when it is
brought to full-scale production. Current global production
of Scandium is estimated by the U.S. Geologic Survey (USGS) at only
10-15 tonnes per year.
In a letter to the Secretaries of the Departments of Interior,
Energy, Defense and Commerce, the Congressmen urged the
Administration to “affirm the critical importance of scandium, a
rare earth element with numerous strategic military and civilian
uses, by including it in the ‘Critical Minerals’ list called for by
President Trump in his December 20, 2017, ‘Executive Order to
Ensure Secure and Reliable Supplies of Critical Minerals.’”
The list is expected to be completed by February 20, 2018.
The Congressmen’s letter, directed to the Secretaries of the
Departments of Defense, Interior, Commerce, and Energy, can
be seen here. In it, the Congressmen
wrote:
“Scandium is used in a variety of defense and civil applications
including lasers, electronics, and high-performance lighting. When
added to aluminum, scandium makes an extraordinarily light and
strong alloy for use in bulkheads, heat shields, fuel and exhaust
systems, aircraft fuselage and landing gear assemblies, mobile
bridges, missiles, and other defense systems. In the commercial
sector, scandium alloys are poised to drive major advances in
commercial aircraft and surface transportation systems through
greater fuel efficiency and reduced emissions. Scandium is also a
critical component of Solid Oxide Fuel Cells which provide highly
efficient and reliable power generation for DoD, NASA, and
companies such as Home Depot, Walmart, Apple, Google, and
Verizon.
“Despite these strategic uses, today our nation is 100%
dependent on imported scandium, primarily from China and Russia. We
share the concerns of many of our colleagues in Congress who
consider this a significant national security vulnerability for the
United States. For this reason, the FY2018 National Defense
Authorization Act included language that specifically mentions
scandium and the need to develop domestic sources of this strategic
material. We also note that the European Union added scandium to
its 2017 list of Critical Raw Materials, further illustrating its
growing importance in global commodity supply chains.
“Fortunately, efforts are now underway to produce scandium in
the United States from multiple sources in the next several years.
Known deposits in the State of Nebraska alone have the potential to
yield more than 100 tonnes/year of scandium, nearly 10 times the
current global production capacity of this critical commodity.
“Assured access to strategic materials is a bedrock requirement
for the nation. Therefore, we urge you to include scandium in the
Administration's "Critical Minerals" list that will be published
later this year,” they concluded.
NioCorp CEO and Executive Chairman Mark Smith praised the
efforts of both Congressmen for their ongoing advocacy of
superalloy materials like Scandium and of the Nebraska-based Elk
Creek Superalloy Materials Project.
“The efforts of Congressmen Don Bacon and Adrian Smith to help
advance Nebraska’s future as a major superalloy materials producer
are making a real difference, and we greatly appreciate their
leadership and dedication,” said Mr. Smith. “They know that
U.S. production of these strategic and critical metals have
enormous potential implications to defense and civilian
technologies, and that such production also would create new jobs
and deliver substantial economic stimulus to Nebraska.”
On Behalf of the Board of Directors,
"Mark Smith”
Mark Smith Executive Chairman, CEO, and
Director
Source: NioCorp Developments
Ltd. @NioCorp $NB $NIOBF $BR3 #Niobium #Scandium #ElkCreek
For More Information:
Contact Jim Sims, VP of External Affairs, NioCorp Developments
Ltd., 303-503-6203, jim.sims@niocorp.com
About NioCorp
NioCorp is developing a superalloy materials
project in Southeast Nebraska that will produce Niobium, Scandium,
and Titanium. Niobium is used to produce superalloys as well as
High Strength, Low Alloy ("HSLA") steel, which is a lighter,
stronger steel used in automotive, structural, and pipeline
applications. Scandium is a superalloy material that can be
combined with Aluminum to make alloys with increased strength and
improved corrosion resistance. Scandium also is a critical
component of advanced solid oxide fuel cells. Titanium is
used in various superalloys and is a key component of pigments used
in paper, paint and plastics and is also used for aerospace
applications, armor and medical implants.
Cautionary Note Regarding Forward-Looking
Statements
Neither TSX nor its Regulation Services Provider
(as that term is defined in the policies of the TSX) accepts
responsibility for the adequacy or accuracy of this document.
Certain statements contained in this document may constitute
forward-looking statements, including but not limited to potential
future production at the Elk Creek Project, anticipated products to
be produced at the Elk Creek Project, the future critical and
strategic nature of niobium and scandium, anticipated costs of
production at the Elk Creek Project being competitive, and
anticipated competitive advantages. Such forward-looking statements
are based upon NioCorp’s reasonable expectations and business plan
at the date hereof, which are subject to change depending on
economic, political and competitive circumstances and
contingencies. Readers are cautioned that such forward-looking
statements involve known and unknown risks, uncertainties and other
factors that may cause a change in such assumptions and the actual
outcomes and estimates to be materially different from those
estimated or anticipated future results, achievements or position
expressed or implied by those forward-looking statements. Risks,
uncertainties and other factors that could cause NioCorp’s plans or
prospects to change include risks related to the Company's ability
to operate as a going concern; risks related to the Company's
requirement of significant additional capital; changes in demand
for and price of commodities (such as fuel and electricity) and
currencies; changes in economic valuations of the Project, such as
Net Present Value calculations, changes or disruptions in the
securities markets; legislative, political or economic
developments; the need to obtain permits and comply with laws and
regulations and other regulatory requirements; the possibility that
actual results of work may differ from projections/expectations or
may not realize the perceived potential of NioCorp’s projects;
risks of accidents, equipment breakdowns and labor disputes or
other unanticipated difficulties or interruptions; the possibility
of cost overruns or unanticipated expenses in development programs;
operating or technical difficulties in connection with exploration,
mining or development activities; the speculative nature of mineral
exploration and development, including the risks of diminishing
quantities of grades of reserves and resources; and the risks
involved in the exploration, development and mining business and
the risks set forth in the Company’s filings with the SEC at
www.sec.gov.. NioCorp disclaims any intention or obligation to
update or revise any forward-looking statements whether as a result
of new information, future events or otherwise.
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