The agreement establishes a 10-year offtake contract for minerals that NioCorp aims to produce at its Elk Creek project.

The mine is on track for first production in early 2024.

Proceeds will be used to fund the development of the Wolfsberg lithium project in Austria.

The Arcadia plant took nine months to construct and started exporting concentrates in April.

The HLS tests resulted in spodumene concentrate grading more than 6% lithium oxide.

The number of the approximately 500 cobalt, copper, lithium and nickel mines operating today will need to increase by as much as 76%, it says.

The consortium comprises Sumitomo Metal Mining, Mitsubishi Corp and Mitsui & Co Ltd.

Wyloo has breached the 90% holding in Mincor for compulsory acquisition and the takeover is expected to be sealed in the coming weeks.