NioCorp Developments Ltd. has announced its ambitious Elk Creek Critical Minerals Project in Nebraska, which is set to become a $1.14 billion underground mine. The project aims to produce essential minerals like niobium, scandium, titanium, and potentially rare earth oxides, which are crucial for clean energy, aerospace, and defense sectors. The U.S. Department of Defense has recently awarded $10 million to support the establishment of a domestic scandium supply chain through this project. NioCorp's CEO, Mark Smith, highlighted the project's potential to make the U.S. a leading producer of scandium, addressing a significant national security risk, as the country currently imports all of its scandium needs. Once operational, the Elk Creek mine could produce more scandium than the entire world currently does, positioning the U.S. as a global leader in scandium production.