OMAHA- The company that wants to mine for critical minerals in southeast Nebraska has signed a deal with Stellantis, giving the automaker access to the rare earth elements used to produce high-powered magnets needed for its electric vehicles. NioCorp announced the tentative agreement with the automaker whose brands include Chrysler, Alfa Romeo and Maserati.

The companies didn't disclose how much Stellantis will pay because those details are still being negotiated, but this deal with such a high-profile buyer will likely provide a boost to NioCorp's effort to raise $1.1 billion to establish the mine about 80 miles south of Omaha near the town of Elk Creek. The companies have also not decided what amount of materials Stellantis will be able to take.

The proposed mine's main product would be niobium that's used to make steel lighter and stronger. Most of the rare earth elements available today are produced in China, so President Joe Biden has been pressing for more of them to be mined domestically. “This could really turbocharge our project financing and help to accelerate moving the project to construction and eventual commercial operation,” NioCorp CEO Mark Smith said.

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