NioCorp Praises "Project Vault" Initiative

NioCorp Developments Ltd. has expressed support for the U.S. administration's bold "Project Vault" initiative, which aims to establish a U.S. Strategic Critical Minerals Reserve. This initiative seeks to reduce U.S. dependence on foreign-produced critical minerals. The project is backed by $11 billion from the Export-Import Bank of the United States and $1.67 billion from several top U.S. companies, including General Motors, Boeing, and Google.

According to Mark A. Smith, NioCorp's CEO, this public-private partnership is vital for developing domestic critical minerals production. The initiative aligns with recent government measures to address U.S. reliance on imported minerals, which are considered a national security threat. The Section 232 investigation highlighted vulnerabilities in supply chains and the risk of price volatility.

Smith emphasized the essential role of breaking foreign dominance in critical minerals for national security. NioCorp is set to support this effort through its Elk Creek Project, aiming to supply critical materials to bolster U.S. industry.