Northern Minerals Ltd (ASX:NTU) is making good progress in developing its Browns Range Rare Earths Project in the Kimberley region of Western Australia.
Concrete works in the pilot plant beneficiation area have nearly been completed.
With further concreting performed in the hydrometallurgical plant area, the company is on track to meet its milestone of having 1000 cubic metres poured on site.
This represents nearly 70% of the total concrete works.
With the third and final main shipment of modular components on track to be delivered in coming weeks the project is tracking well.
Northern Minerals aiming to be first major world producer of dysprosium outside of China
Through the production of dysprosium, Northern Minerals is looking to gain exposure to the high-growth clean energy and high technology markets.
The product is an essential ingredient in the production of dysprosium neodymium iron-boron magnets which have applications in developing products for these markets.
The company has recently added an important argument into the mix, saying that a combination of heavy rare earths could possibly be used as a substitute for scandium.
Lithium, cobalt, scandium and rare earths driven by similar dynamics
Shares in emerging scandium producer Clean TeQ Holdings Limited (ASX:CLQ) have roughly trebled in the last 12 months.
This was mainly driven by developments at its Syerston cobalt-scandium project in New South Wales.
Consequently, should Northern Minerals' rare earths project be able to deliver a substitute for the limited supply/premium priced scandium this could work in its favour.