Billions of Rare Materials Discovered in Wyoming Poised to Make U.S. Top Rare Earth Materials Producer

In an exciting development, the United States might be on its way to exceeding global leader China as the top extractor of rare minerals. A recent discovery of a huge cache of minerals has the potential to upset the world economy in a big way.

A company called American Rare Earths Inc. recently announced the discovery of a huge cache of rare minerals that is estimated to be more than 2.57 billion tons. (via Daily Mail)

“Rare earth mineral” is the name for 17 metallic elements on the periodic table. Their name doesn’t come from the fact that they are scarce, but from the history of how difficult they were to find.

Rare earth minerals have unique properties that give them specific applications for developing technology and medical use. The minerals tend to have conductive and magnetic properties that can enhance other elements when combined in a mixture or alloy.

The nation of China accounts for nearly 95 percent of the earth’s rare mineral processing, and the United States currently imports more than 74 percent of its own supply of essential minerals from it. China also produces nearly 60 percent of the world’s supply of these minerals.

In December of 2023, China surprised the world by announcing a ban on rare earth extraction technology. (via Reuters) It is thought that the motivation for this move is to cripple the United States since they would have to start building up their own technology to process the minerals they previously relied on China for.

While China intended its latest efforts to control prices and secure its position in the world, a backfire may be possible. China’s ban will definitely hurt countries in the short term. However, as these countries build their own technologies in the coming years, they will invariably break China’s dominance over the industry.

This is not the first time that American Rare Earths has found caches of rare earth minerals, but it is certainly the largest by far. Their first drilling attempt in 2023 found 1.32 million tons. (via Daily Mail)

Don Schwartz, CEO of American Rare Earths, issued a statement on the findings, excited about the future prospects of the company’s project.

Several rare earth minerals were discovered at the mining site in Wheatland, Wyoming. These included minerals like samarium, dysprosium, terbium, praseodymium, and neodymium.

The extraction method that American Rare Earths will use is reportedly open pit mining.

Previous to the enormous find by American Rare Earths Inc., investor Randall Atkins, also made a significant discovery in Wyoming.

Atkins, the CEO of Ramaco Resources, acquired the Brook Mine in Sheridan in 2011. 

The Brook Mine’s land spans 6,000 acres in the Powder River Basin and has tested positive for containing significant amounts of gallium and germanium. 

This discovery is not just about quantity but also about the variety of rare earth elements present. 

The rare earth elements extracted from Atkins’ mine are now being sold for more than $1 million per metric ton, the Wall Street Journal reports.

The Daily Mail notes that under the leadership of Kentucky-born Atkins, Ramaco Resources aims to mine these elements and process them for use in green energy technologies. 

Atkins is motivated by a desire to build on his family’s legacy in the energy sector. The Daily Mail reveals his father, Orin Atkins, once transformed Ashland Oil into a multinational conglomerate.

Atkins believes the project resonates particularly with younger people due to its novel approach to combining mining with cutting-edge science and technology. 

The development of the Brook Mine is seen as more than just a mining operation; it represents an opportunity to bring innovative science and technology to the forefront of the local economy. 

The acquisition of the Brook Mine from Brink’s, a company exiting the coal business, marked the beginning of what would become a significant venture for Atkins and Ramaco Resources. 

Critics point out that extracting Rare Earth Elements (REEs) often involves dealing with radioactive materials, leading to intensive purification processes that produce harmful environmental waste. 

The Casper Star Tribune reports that the Powder River Basin Resource Council (PRBRC) has long opposed Ramaco’s operations, initially due to coal mining plans. With the shift towards REE mining, concerns persist among residents and environmental advocates.

If American Rare Earths continues to discover more rare earth minerals, China may have to reconsider its export strategy. While China has the edge in processing technology at the moment, more companies around the world are making strides to overcome their independence and chip away at their global dominance.