Proposed Nebraska rare earth mine clears another hurdle

LINCOLN, Neb. (KLKN) – A mining company that wants to extract a rare heat-resistant element from the ground under southeast Nebraska gave an update on the project Monday.

NioCorp’s application for the Elk Creek Project is now in the second level of review by the U.S. Export-Import Bank.

The company said the land near Elk Creek, about 65 miles southeast of Lincoln, has the second-largest deposit of rare earth elements in the U.S.

It plans to mine niobium, scandium and titanium there.

The Export-Import Bank is looking to fund the project and is putting NioCorp through an extensive review process.

SEE ALSO: Company says proposed Nebraska mine will yield a bonanza of rare elements

As part of its loan review process, the bank has selected Colorado-based RPMGlobal to technically review the Elk Creek Project. That’s part of the bank’s second review level.

NioCorp’s application for funding passed the bank’s first level of due diligence in October 2023.

After the second-level review, NioCorp’s Elk Creek Project will enter a third review before a final decision will be made by the bank’s board of directors.