Stellantis NV and a Colorado-based miner have signed a rare earth term sheet in hopes of a definitive agreement to supply domestically needed minerals for electrification.
The sheet envisions an agreement for supply over 10 years of specific amounts of neodymium-praseodymium oxide, dysprosium oxide and terbium oxide that NioCorp Developments Ltd. aims to produce at its Elk Creek Critical Minerals Project in southeast Nebraska once financing is secured. Final volumes would be detailed in a binding agreement. No economic analysis yet has been completed on the justifiability of extracting rare-earth minerals from the site.
“Stellantis intends to lead the industry with the commitment to be carbon net zero by 2038 – a goal that requires innovation and a complete redefinition of our sourcing strategies,” Maxime Picat, Stellantis’ chief purchasing and supply chain officer, said in a statement. “By working with partners like NioCorp, we are taking important steps, with the aim of decarbonizing mobility and ensuring strategic supplies of raw materials necessary for the success of the Company’s global electrification plans highlighted in our Dare Forward 2030 strategy.”
bnoble@detroitnews.com
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