(Boursier.com) — The car manufacturer Stellantis signed a letter of intent for the supply of rare earths with the American group NioCorp. The objective is to conclude a definitive agreement for the supply over a period of 10 years of specific quantities of praseodymium-neodymium oxide, dysprosium oxide and terbium oxide.
NioCorp plans to produce these oxides through its Elk Critical Minerals Project in southeastern Nebraska which is subject to securing sufficient funding. Final quantities will be defined in the intended definitive agreement.
These magnetic rare earths are used in the components of electric motors. As no economic analysis has yet been conducted on the rare earth mineral resources included in the Elk Creek Project, further studies will be required. They will determine whether the extraction of rare earth elements can be reasonably justified and economically viable once all relevant factors have been taken into account.
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