Exploratory drilling complete at proposed Nebraska rare earth mine

LINCOLN, Neb. (KLKN) — A mining company announced Monday that it has finished an exploratory drilling program in Nebraska.

NioCorp Developments is hoping to mine niobium, scandium and titanium near Elk Creek, which is about 65 miles southeast of Lincoln.

The location has the second-largest deposit of rare earth elements in the U.S., according to NioCorp.

SEE ALSO: Proposed Nebraska rare earth mine clears another hurdle

The company said the drilling samples are now being analyzed and results will be released soon.

The Department of Defense, which President Donald Trump is now calling the Department of War, funded the exploratory drilling to support NioCorp’s bid for a loan from the U.S. Export-Import Bank.

“I am confident that we will achieve the goals we set for this drilling campaign,” NioCorp CEO Mark Smith said in a press release. “This will help move our debt financing process forward with the EXIM Bank.”

The bank is considering loaning up to $800 million for the Elk Creek Project.

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