NioCorp announced Monday that it plans to start work on its critical minerals mine in southeast Nebraska.
The project, which the company is calling its mine portal project, will involve building a main entrance to the Elk Creek underground mine and will serve as the primary access point for personnel, equipment, and materials for the underground mining operations. It also will include excavating bedrock, drilling and blasting to establish the twin mine ramps, on-site access road construction, and construction of on-site supporting infrastructure.
The project, which will cost nearly $45 million, is set to get underway before the end of the month. It marks the first time Colorado-based NioCorp will actually start any significant work on the main mine, from which the company hopes to extract niobium, scandium, titanium and other minerals.
“Given the size of this excavation work, the portal project really marks the beginning of a major pre-construction activity at the Elk Creek Project site and is an important step toward preparing for underground development,” Scott Honan, the company’s president and chief operating officer, said in a release.
Mark A. Smith, Niocorp’s chairman and CEO, called the project, “a significant milestone.”
Niocorp has spent more than 15 years trying to develop the mine on land in Johnson County, about 65 miles southeast of Lincoln.
The company still needs to raise a significant amount of money to make the $1.2 billion mine a reality, though. In December, NioCorp said it had raised about $360 million, or a little more than a quarter of the total cost. It is still waiting for approval of a $780 million debt financing application from the Export-Import Bank of the United States.