Currently, very little of what NioCorp wants
to mine is produced in the United States.
About 90% of the niobium used here comes
from Brazil and the other elements are largely
produced in China.
The U.S. imports all the niobium and scandium
and most of the titanium and rare earths that
manufacturers rely on now. There is only one
American mine that produces rare earths now at
a site in California.
“Without getting too far ahead of ourselves I
think there is some real economic potential here
and boy, it sure would be nice to make some
of this stuff in the United States along with the
niobium, scandium and titanium,” NioCorp’s
Chief Operations Officer Scott Honan said.
Niobium is mixed with steel to make the metal
stronger and more heat resistant. It also may be
used to help make lithium ion batteries recharge
more quickly. Scandium could be used to make
stronger aluminum alloys. And the titanium
NioCorp plans to produce is used as a pigment
in paint.
The other elements it hopes to produce, which
include neodymium and dysprosium, are used
to make the strong, lightweight rare earth
magnets that are used to in the motors of
electric vehicles, wind turbines, power tools and
home appliances.
The proposed mine is expected to create over
400 jobs if it is built. NioCorp is working to raise
enough money to build the mine. The project
previously qualified for up to $200 million in
state tax incentives.
NioCorp is based in Centennial, Colorado.