NioCorp Developments (TSXV:NB) announced that it has received the first of four approvals for a loan guarantee to be provided by the Federal Republic of Germany to support its debt financing strategy.

As quoted in the press release:

This approval, which is the first of four approvals, is based on the signed Offtake Agreement with ThyssenKrupp Metallurgical Products GmbH (“TK”) whereby TK has agreed to purchase approximately fifty percent of planned Ferro-Niobium production from Elk Creek for an initial ten year term, demonstrates that Elk Creek will contribute in securing strategic raw materials supplies for Germany and that the supply of Ferro-Niobium is in the economic interest of Germany.

NioCorp executive chairman, Mark Smith, said:

This in-principle eligibility approval for a loan guarantee by the Federal Republic of Germany continues to demonstrate a strong level of confidence in NioCorp and its Elk Creek project. In addition, we are pleased to be working with an adviser of the caliber of Northcott Capital to assist us in securing the necessary debt financing for the Elk Creek project.

Click here to read the NioCorp Developments (TSXV:NB) press release