US Automotive Manufacturing Faces Pressure Amid Chinese Rare Earth Export Restrictions

NioCorp Developments Ltd. has highlighted a potential crisis for US automotive and defense industries due to the shortage of high-performance rare earth magnets. These shortages are a result of China's decision to limit exports of heavy rare earths, essential for production. NioCorp's Elk Creek Project in Nebraska promises to be a swift solution, offering the potential for Made-in-America heavy rare earth products.

The Chairman and CEO of NioCorp, Mark A. Smith, emphasized the urgency of the situation, noting that US manufacturers, including those in the defense sector, might have to pause production. The Elk Creek Project, once funded, could rapidly move into production, offering niobium, scandium, titanium, and potentially rare earth oxides, reducing reliance on Chinese imports.