Highlights
- NioCorp successfully tested recycling post-consumer rare earth magnets using its Elk Creek Project production process.
- The Elk Creek Project aims to produce niobium, scandium, titanium, and potentially magnetic rare earth oxides in Nebraska.
- This recycling capability could reduce CO2 emissions and increase domestic production of heavy rare earths in the U.S.
NioCorp Developments Ltd (opens in a new tab). ("NioCorp" or the "Company") (NASDAQ:NB (opens in a new tab)) has completed successful testing of its proposed hydrometallurgical process for producing critical minerals at the proposed Elk Creek Critical Minerals Project (the "Elk Creek Project") in southeast Nebraska for use in recycling post-consumer permanent rare earth magnets.
What is the Elk Creek Critical Minerals Project?
NioCorp is developing North America’s only niobium / scandium / titanium critical minerals mine and processing facility. Located near Elk Creek (opens in a new tab), Nebraska, the Elk Creek Critical Minerals Project will help the US reduce its dependence on several critical minerals and support the world’s transition to net zero CO2 emissions.
As no economic analysis has been completed on the rare earth mineral resource comprising the Elk Creek Project, further testing and studies are required before determining whether extraction of REEs can be reasonably justified and economically viable after taking account of all relevant factors.
What group was involved with testing?
The bench-scale test work was conducted by L3 Process Development ("L3") at NioCorp's (opens in a new tab) demonstration plant in Trois Rivieres, Quebec. The L3 team was able to demagnetize and grind up permanent rare earth magnets and then extract the contained rare earth elements ("REEs") from the magnet using the same process that NioCorp intends to employ in processing and extracting multiple critical minerals from Elk Creek Project ore.
Comments on the Outcomes
"This successful outcome goes a long way to establish the viability of using the Elk Creek Project production process not only to extract and purify multiple critical minerals streams from our ore body, but also to recycle post-consumer rare earth permanent magnets into separated rare earth oxides that can then be used to produce new magnets for industries such as automotive, aerospace, robotics, and many others," said Mark A. Smith, CEO (opens in a new tab) and Chairman of NioCorp. "Adding these recycling capabilities promises to dramatically reduce the net CO2 emissions profile of the manufacturing many different consumer and defense technologies, but also can deliver powerful benefits from circular economics to NioCorp's customers and to entire supply chains."
"It also has the potential to help boost the domestic production of heavy rare earths in the U.S.," added Mr. Smith.
The Elk Creek Project is designed to use a whole ore leach process to produce its targeted products, which include niobium, scandium, titanium and, potentially, magnetic rare earth oxides.1 The Elk Creek Project mineral resource contains the largest indicated terbium resource in the U.S., as well as the 2nd largest indicated neodymium-praseodymium and dysprosium resources in the U.S.2"
"As this effort proceeds, we will be talking with prospective customers to gauge interest in a prospective magnet recycling program," said Scott Honan, NioCorp's Chief Operating Officer. "There are many different grades of rare earth permanent magnets, and all have different compositions. As such, our ultimate goal would be to ensure that we can take in post-consumer magnets and be able to process those into separated magnetic rare earth oxides that can meet the specifications and product quality standards of our customers."
Mr. Honan added: "While today's advanced NdFeB sintered magnets can contain as little as 0.5% to 1% heavy rare earth content, older NdFeB magnets generally contain much higher heavy rare earths content – 10% or more. As those older magnets enter the recycling stream, that may provide us with the ability to produce more heavy rare earths oxides for use in new magnets. NioCorp's would essentially be ‘upcycling' magnetic materials into new, more efficient magnets, where most other recyclers today appear focused on ‘downcycling' post-consumer magnetic materials given that they don't intend to separate those materials into pure constituent elements."
Qualified Persons
Eric Larochelle, B.Eng., (opens in a new tab) Co-Owner, L3 Process Development, a Qualified Person as defined by National Instrument 43-101, has reviewed, and approved the technical information, and verified the data contained in this news release.
Scott Honan, M.Sc (opens in a new tab)., SME-RM, COO of NioCorp Developments Ltd., a Qualified Person as defined by National Instrument 43-101, has reviewed, and approved the technical information contained in the news release.
The Company
Founded in 1987, NioCorp is developing the Elk Creek Project that is expected to produce niobium, scandium, and titanium. The Company also is evaluating the potential to produce several rare earths from the Elk Creek Project. Niobium is used to produce specialty alloys as well as High Strength, Low Alloy steel, which is a lighter, stronger steel used in automotive, structural, and pipeline applications. Scandium is a specialty metal that can be combined with Aluminum to make alloys with increased strength and improved corrosion resistance. Scandium is also a critical component of advanced solid oxide fuel cells. Titanium is used in various lightweight alloys and is a key component of pigments used in paper, paint and plastics and is also used for aerospace applications, armor, and medical implants. Magnetic rare earths, such as neodymium, praseodymium, terbium, and dysprosium are critical to the making of Neodymium-Iron-Boron ("NdFeB") magnets, which are used across a wide variety of defense and civilian applications.
Stock price: NB (opens in a new tab) (NASDAQ) $1.76 -0.14 (-7.26%)
Daniel
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