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Stellantis NV (NYSE:STLA) and NioCorp Developments Ltd (NASDAQ:NB) have signed a Rare Earth Offtake Term Sheet. The move is to enter into a definitive rare earth supply agreement to support Stellantis' commitment to build resilient supply chains and reach carbon net zero by 2038.
Also, the collaboration will help boost NioCorp's path to commercial production of magnetic rare earth oxides in the U.S.
The Term Sheet envisions a definitive agreement for a 10-year offtake contract for neodymium-praseodymium oxide, dysprosium oxide, and terbium oxide that NioCorp aims to produce the minerals at the Elk Creek Project in southeast Nebraska.
The term sheet also anticipates a possible strategic investment by Stellantis in NioCorp's Elk Creek critical minerals project.
Also Read: Stellantis Invests In Kuniko For Supply Of European Battery Materials
"By working with partners like NioCorp, we are taking important steps, with the aim of decarbonizing mobility and ensuring strategic supplies of raw materials necessary for the success of the Company's global electrification plans highlighted in our Dare Forward 2030 strategy," said Chief Purchasing and Supply Chain Officer Maxime Picat.
Also Read: Stellantis Launches Free2move Charging Service For EV Users
Price Action: STLA shares are trading lower by 1.62% at $17.26 on the last check Thursday.
