HOUSTON, August 4th (Argus) - US aerospace and defense manufacturer Lockheed Martin and critical minerals developer NioCorp have signed a supply agreement covering potential purchases of up to 15 tons per year of scandium oxide over the next 10 years.
NioCorp stated on August 4th that under this non-binding agreement, Lockheed Martin can use this material as an oxide or aluminum-scandium alloy. The two companies have agreed to negotiate the final agreement in good faith as soon as possible, but NioCorp warns that there is no guarantee that a binding agreement will be reached or that it will be reached on what terms.
Once the project financing and construction are completed, NioCorp plans to produce approximately 100 tons per year of scandium oxide at its Elk Creek project in Nebraska. The company has not yet made a final investment decision on the mine and is currently seeking up to $800 million in debt financing from the US Export-Import Bank.
The company has already been using market sources of scandium oxide to produce 4% aluminum-scandium intermediate alloys in the United States. The company intends to produce finished alloy ingots containing 0.2-0.8% scandium for defense and commercial customers.
This agreement is based on the joint development plan announced by Lockheed Martin's Skunk factory division in October 2025, which aims to develop scandium-containing aluminum alloy components for fighter jets.
According to data from the US Geological Survey, global consumption of scandium oxide was approximately 60 tons in 2025, a 50% increase from 40 tons in 2024.
