Canada-based mining company NioCorp Developments issued a report Monday that showed a significant increase both in the volume and purity of Niobium found as deep as a half-mile underground on a southeast Nebraska site.
Sought for its steel-hardening capabilities and for its ability to withstand high temperatures, Niobium is currently mined only in Quebec and Brazil.
New estimates indicate the deposit is much larger than initially thought—early estimates of 28.2 million tons have been increased to 81.2 million tons. The indicated grade (relative purity) is also estimated to be higher, at a concentration of 0.71 percent compared to 0.63 percent.
The cost of building a mine in the area is estimated to be $400 million.