U.S. Export-Import Bank Proposes Financing 65% of Upfront Investment for Elk Creek Mining Project

en.Wedoany.com Reported - On October 15, U.S. mining company NioCorp announced that the U.S. Export-Import Bank signed a letter of support at the Elk Creek critical minerals project site in Nebraska, reaffirming its intention to consider providing debt financing for the project equivalent to approximately 65% of upfront capital expenditures. According to the company's 2026 feasibility study, the project's estimated upfront capital expenditure is approximately US$1.85 billion. The financing remains subject to the bank's completion of due diligence and subsequent approvals.

On October 14, U.S. Secretary of Energy Chris Wright, U.S. Export-Import Bank Chairman John Jovanovic, Nebraska Governor Jim Pillen and other officials inspected ongoing construction activities at the Elk Creek mine site. During the visit, John Jovanovic and NioCorp Chairman and Chief Executive Officer Mark Smith signed the financing support letter, confirming the financing ratio target set forth in the earlier preliminary project letter.

The U.S. Export-Import Bank stated that it will continue advancing due diligence on NioCorp's debt financing application and plans to submit it to the bank's Transaction Review Committee as soon as possible for the next stage of internal evaluation. The NI 43-101 feasibility study published by the project in August 2026 and the S-K 1300 technical report submitted in September provide updated capital expenditure basis for this bank financing review.

The Elk Creek project is located in southeastern Nebraska, United States, and is planned to produce niobium, scandium, titanium, and rare earth products including neodymium-praseodymium oxide, dysprosium oxide, and terbium oxide. The company's 2026 feasibility study plans a mine operating life of 40 years. The project has commenced construction of the underground mine portal, with related work including pre-mine construction and engineering preparation.