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Investing.com -- NioCorp Developments Ltd (NASDAQ:NB) stock gained 3.6% following reports of a Trump Administration plan to establish price supports for rare earth oxides and other critical minerals produced in the U.S.
The proposed initiative would utilize the Defense Production Act to set price support levels for minerals deemed critical by the U.S. government, potentially benefiting NioCorp’s Elk Creek Critical Minerals Project in Nebraska. The company’s project aims to produce six critical minerals including niobium, scandium, titanium, and three magnetic rare earth oxides.
"President Trump is on track to establish both U.S. energy and critical minerals dominance, and what he is proposing shows that he is willing to go toe-to-toe with foreign nations that manipulate markets and pricing in a manner that discourages U.S. production," said NioCorp Chairman and CEO Mark A. Smith.
Smith added that the reported plan would send "a very powerful signal to industry and financial markets" about the administration’s commitment to re-establish U.S. leadership in critical minerals mining, processing, and manufacturing.
The Elk Creek project has already secured necessary permits and could begin construction once financing is completed, according to the company. Critical minerals are essential components in various defense applications, clean energy technologies, and high-tech manufacturing.
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