Niocorp Developments Ltd. (NB.T), an emerging leader in the critical minerals market, has successfully demonstrated a pioneering technique that can potentially double the recovery of titanium from each ton of ore mined at its Elk Creek project in Nebraska. As a bonus, the new method is projected to produce a purer form of titanium that could fetch a higher market price than initially anticipated in Niocorp’s June 2022 feasibility study.
The demonstration conducted at Niocorp’s plant in Trois Rivieres, Quebec, showcased an impressive 83.7% rate of overall titanium recovery. A significant jump from the previous 40.3% recovery rate, indicating a promising increase in Niocorp’s titanium production potential.
Mark A. Smith, CEO and Executive Chairman of Niocorp, said, “By demonstrating our capacity to potentially generate higher-purity titanium in larger volumes, we open a slew of new and exciting opportunities for the business. This could include emerging as a key titanium supplier to various industries critical to U.S. national defense and commercial markets.”
Titanium, forged in supernovas and the ninth most common metal in Earth’s crust, possesses the highest strength-to-weight ratio of any metal. Its versatility, from being a key ingredient in paint, plastic, toothpaste, and sunscreen to serving as a crucial component in aerospace applications, armor, and medical implants, underscores its growing demand.
The demand for this metal originally known as menaccanite and associated alloys has surged in recent years, with the U.S. being more than 95% dependent on foreign nations such as Ukraine, Kazakhstan, Japan, and Russia. Especially concerning is the fact that Russia, being the world’s largest supplier of aerospace-grade titanium, produced half of the world’s titanium used in aerospace prior to 2022.
Given these geopolitical dependencies, Niocorp’s increased titanium recovery rate comes as a game-changer. “Supply chain risk for titanium has become an increasing concern for both industry and defense markets,” says Scott Honan, Chief Operating Officer of Niocorp. He added, “We look forward to Niocorp helping contribute to a more reliable and domestic titanium supply chain.”
With its new streamlined production process that may eliminate entire procedures in its planned processing plant in Nebraska, Niocorp is poised to make significant contributions to the titanium market. The exciting possibilities this process brings are waiting to be explored.
By unlocking the true potential of this ‘element with superpowers,’ Niocorp stands on the brink of revolutionizing the titanium industry and reshaping U.S. dependencies on foreign suppliers.
Remember, the story of titanium is far from over. The element’s strength, versatility, and abundant occurrence only hint at its full potential. As we march into the future with ever-evolving technologies and expanding industries, titanium will continue to play a pivotal role, and companies like Niocorp will be at the forefront of this journey.
