CENTENNIAL, Colo., Nov. 4, 2019 /CNW/ -- NioCorp Developments Ltd. ("NioCorp" or the "Company") (TSX: NB; OTCQX: NIOBF) is pleased to announce that it has selected Zachry Group ("Zachry") as the Engineering, Procurement, and Construction ("EPC") firm for the surface processing facilities and associated infrastructure of the proposed Elk Creek Superalloy Material Project (the "Project"), subject to the completion of EPC contract negotiations.
The development of the Project will require significant additional capital above what NioCorp has raised to date, and the Company anticipates that any significant work on the Project pursuant to an agreement with Zachry will be contingent on obtaining sufficient Project financing, if and when available.
Based in San Antonio, Texas and with an engineering office in Omaha, Nebraska, Zachry has been engaged on the Project since 2014 and is currently working under an Engineering Services Agreement with NioCorp.
Zachry Group is a pacesetter in turnkey construction, engineering, maintenance, turnaround, and fabrication services to the chemicals, power, energy, manufacturing and industrial sectors. Zachry's 20,000 employees operate in more than 30 offices and in more than 400 locations nationwide, united by a shared set of values and the desire to deliver the very best outcome for their customers.
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For More Information
Contact Jim Sims, VP of External Affairs, NioCorp Developments Ltd., +1 (720) 639-4650, [email protected]
NioCorp is developing a superalloy materials project in Southeast Nebraska that will produce Niobium, Scandium, and Titanium. Niobium is used to produce superalloys as well as High Strength, Low Alloy ("HSLA") steel, which is a lighter, stronger steel used in automotive, structural, and pipeline applications. Scandium is a superalloy material that can be combined with Aluminum to make alloys with increased strength and improved corrosion resistance. Scandium also is a critical component of advanced solid oxide fuel cells. Titanium is used in various superalloys and is a key component of pigments used in paper, paint and plastics and is also used for aerospace applications, armor and medical implants.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this document may constitute forward-looking statements, including but not limited to NioCorp's ability to secure significant additional capital and NioCorp's and Zachry's ability to execute a formal EPC contract. Such forward-looking statements are based upon NioCorp's reasonable expectations and business plan at the date hereof, which are subject to change depending on economic, political and competitive circumstances and contingencies. Readers are cautioned that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause a change in such assumptions and the actual outcomes and estimates to be materially different from those estimated or anticipated future results, achievements or position expressed or implied by those forward-looking statements. Risks, uncertainties and other factors that could cause NioCorp's plans or prospects to change include risks related to the Company's ability to operate as a going concern; risks related to the Company's requirement of significant additional capital; changes in demand for and price of commodities (such as fuel and electricity) and currencies; changes in economic valuations of the Project, such as Net Present Value calculations, changes or disruptions in the securities markets; legislative, political or economic developments; the need to obtain permits and comply with laws and regulations and other regulatory requirements; the possibility that actual results of work may differ from projections/expectations or may not realize the perceived potential of NioCorp's projects; risks of accidents, equipment breakdowns and labor disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in development programs; operating or technical difficulties in connection with exploration, mining or development activities; the speculative nature of mineral exploration and development, including the risks of diminishing quantities of grades of reserves and resources; and the risks involved in the exploration, development and mining business and the risks set forth in the Company's filings with the SEC at www.sec.gov. NioCorp disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
SOURCE NioCorp Developments Ltd.