NioCorp Applauds Congressman for Bill Encouraging Rare Earth Production

NioCorp Developments Ltd. has praised U.S. Congressman Adrian Smith for sponsoring new bipartisan legislation aimed at boosting domestic mining of rare earth elements and scandium. The bill, H.R. 4772, seeks to modernize an outdated federal law section, enhancing tax incentives for miners in the U.S., including NioCorp. The legislation proposes increasing the depletion allowance for these elements from 14% to 22%, aligning it with minerals of the highest priority.

The bipartisan effort gains traction with co-sponsorship from California Democrat Rep. Jimmy Panetta and Pennsylvania Republican Rep. Guy Reschenthaler. NioCorp's Executive Chairman, Mark A. Smith, highlights the bill's potential impact on the Elk Creek Project in Nebraska, emphasizing its importance to the Pentagon and commercial sectors, while aiming to reduce reliance on foreign sources, particularly China.