Proposed Nebraska Mine Has Sizeable Deposit Of Rare Elements

FILE -NioCorp Developments CEO Mark Smith talks to a group of investors during a tour on Oct. 6, 2021, about the prospects for a proposed mine the company hopes to build near Elk Creek in southeast Nebraska, to extract critical minerals NioCorp Developments, the mining company that wants to extract a rare heat-resistant element from the ground under southeast Nebraska says a new report shows the deposit it plans to mine holds a significant amount of other rare elements, Thursday, May 19, 2022..(AP Photo/Josh Funk, File)(Josh Funk | AP)

(KFOR NEWS May 23, 2022) (AP) – The mining company that wants to extract a rare heat-resistant element from the ground under southeast Nebraska says a new report shows the deposit it plans to mine holds a significant amount of other rare elements.

NioCorp Developments said Thursday the latest analysis shows the amount of rare earth elements present where it plans to build the mine about 80 miles south of Omaha near the town of Elk Creek is the second largest deposit in the United States. But the company still has to raise more than $1 billion to build the mine. It also has to analyze the latest data to determine whether it will be economically feasible to produce those rare earth elements.