The U.S. Department of Defense has awarded $10 million to Elk Creek Resources, a unit of NioCorp Developments, to support domestic scandium production under the Defense Production Act. The funding will finance engineering and drilling work at the Elk Creek project in Nebraska, part of a broader push to reduce U.S. dependence on foreign critical mineral suppliers, especially China. NioCorp shares rose 4.8% in premarket trading following the announcement.
- $10 million DOD award granted to Elk Creek Resources for scandium supply chain development
- Funds will support engineering, drilling, and feasibility studies at Nebraska’s Elk Creek site
- Scandium is critical for aerospace and defense applications
- U.S. has not mined scandium domestically since 1969
- NioCorp Developments shares rose 4.8% in premarket trading
- Move aligns with a 2025 executive order promoting domestic mineral production
Relevant Companies
- NioCorp Developments (NB) – Direct recipient of funding to boost scandium production
- MP Materials (MP) – Recently signed multibillion-dollar rare earth magnet supply deal with the U.S. government
- RTX Corporation (RTX) – End user of scandium in hypersonic and aerospace defense systems
Editor’s Note: This is a developing story. This article may be updated as more details become available.
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