NioCorp Developments Ltd. announced that it has formally closed on the purchase of a key land parcel associated with the company's Elk Creek superalloy materials project.

With this acquisition, NioCorp now owns the surface land on which the project's mine infrastructure and supporting operations will be located once sufficient project financing is obtained to allow the project to proceed. Ownership of the land also gives NioCorp ownership of the mineral rights to more than 90 percent of the project's mineral resource and mineral reserve. The purchase price was approximately $6.2 million.

"We are thrilled to have accomplished this major milestone in the Elk Creek Project and to now be an owner of this valuable land instead of a renter," said Mark A. Smith, NioCorp CEO and executive chairman. "This acquisition moves the project another step forward on our path to project financing and the start of construction."

Today's top stories

Jobseekers Leveraging Career Market for In-Demand Skilled Trades

Value in Remanufacturing Construction Equipment: Reduce Cost, Downtime, Carbon Footprint

Buckley, PennDOT Restore I-95 to Usefulness in Philly

Meta Plans to Build $800M Next-Generation Data Center in Montgomery, Ala.

Demolition Crews Bring Down Largest Span of Baltimore's Collapsed Key Bridge

Flo Engineering Restoring Access to Critical Highway in California

Webber Working to Complete $300M Texas Interchange Project

Bobcat Installs Innovative Stationary Fuel Cells From HyAxiom at Two of Its Facilities