Carmaker Stellantis signs deal with firm seeking to mine in Nebraska for rare earths needed in EVs

Published July 6, 2023 10:38 AM

By JOSH FUNK
AP Business Writer

OMAHA, Neb. (AP) — 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 deal Thursday. 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 build the mine.

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