Kentucky’s Ramaco Resources Inc Class A (Nasdaq: METC) has revealed the list of contractors that will be assisting with its new rare earths operation at a Wyoming coal mine site.
Most notably, Fluor Corp (NYSE: FLR): a Texas-based engineering and construction firm with a strong track record in the field. The American firm will be designing the site’s process and refining demonstration plant. Construction of it will commence mid-way through 2025.
Fluor established a team specifically dedicated to rare earths and critical minerals at the beginning of last year. For one of its most recent projects, the contractor successfully engineered and designed a rare earths refinery in Australia for Iluka Resources Limited (ASX: ILU).
“We’re trying to get the best people we can to work alongside us to make sure it’s a success,” Ramaco chief executive, Randall Atkins, told Cowboy State Daily on Monday.
The rare metals deposit, discovered in May last year and situated within Ramaco’s Brook coal mine property, is estimated to be worth up to US$37 billion. Brook’s vast property outside of Sheridan spans over 15,800 acres.
“Initial findings determined that the Brook Mine deposit contains high concentrations of heavy and medium magnetic rare earth elements for use in applications that include advanced military and electronic technologies, high-capacity batteries, semi conductors and more,” Ramaco says.
The United States currently produces about 14 per cent of the world’s rare earth elements (REEs), but it isn’t adequate for keeping up with demands from the American military and other organizations. Reliance on China, which produces 70 per cent of the world’s rare metals, remains.
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Ramaco contracts SGS, Hazen & the NETL
Wyoming’s coal miner has also appointed Switzerland’s SGS SA (SWX: SGSN), Colorado’s Hazen Research and the National Energy Technology Laboratory (NETL) to assist with development of the Brook project.
SGS and Hazen Research will provide mineralogical and elemental analysis services on raw materials from the site at their laboratories.
Meanwhile, the NETL will be collaborating with Ramaco to use AI technology for identifying the most prevalent areas of rare earth mineralization on the property.
“We are excited to have assembled a world-class team of experienced parties in the rare earth and critical mineral fields,” Atkins said in a news release.
As rare earths are not typically found in economically viable quantities within coal, this mining endeavour is unusual. Ramaco believes it may be the largest unconventional deposit of REEs in U.S. history.
Wyoming is also currently progressing another unusual mining endeavour. After clearing a couple more regulatory hurdles, shovels will be hitting the ground at the CK Gold Project held by U.S. Gold Corp. (Nasdaq: USAU).
Situated in the state’s Silver Crown mining district, CK will churn out over 1.5 million gold equivalent ounces. The Cowboy State isn’t generally known for producing a significant amount of the yellow metal.
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