Kentucky’s Ramaco Resources Inc Class A (Nasdaq: METC) aims to capitalize on massive rare earth deposits discovered in 2023 at its Brook coal mine in the Cowboy State of Wyoming. The vast resources at the site could potentially be worth up to US$37 billion.
Cowboy State Daily’s reporter Pat Maio was on site this week discussing the project’s potential with some of the company’s employees and touring the property.
Zachary Christensen, a drill rig worker pulling core samples that will be examined for mineralization of magnetic rare earth elements like neodymium and praseodymium, was there showing him the ropes. Although there are known deposits, his work will help identify priority target areas.
Photo credit: Pat Maio, Cowboy State Daily
Deposits designated as ‘unconventional’
Ramaco’s critical minerals research head, Alex Moyes, proudly says that last year’s rare earths discovery at Brook is one of the most significant in the United States and the entire globe. “The rare earths are associated with coal,” Moyes told Maio, adding that they are accessible at a conveniently shallow depth in this case.
Ramaco is now aiming to have a rare earth extraction demonstration plant set up and running at the Brook mine by 2027. The deposits have been deemed “unconventional” as rare earths are not typically found in worthwhile quantities within coal.
Wyoming’s Department of Environmental Quality has already authorized the technique that will be used for extracting the magnet metals from the coal — which involves a grinding, crushing and chemical process.
Construction of the plant will commence next spring with an initial investment exceeding US$100 million. Other rare earths that will be pulled from the soil include dysprosium, holmium, terbium, samarium and gadolinium.
Ramaco’s chairman and chief executive officer discussed the operation in an interview last fall.
Ramaco Resources Chairman & CEO Randall Atkins tells @KellyCNBC it's logical to conclude there could be more rare-earths deposits in the U.S. pic.twitter.com/dVKXxinNyE
— The Exchange (@CNBCTheExchange) November 13, 2023
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Ramaco wraps up its annual ‘Research Rodeo’
Lexington’s coal miner just held its fourth annual convention centred around topics like rare earths, AI and critical minerals. It was organized in partnership with the International Centre for Sustainable Carbon — an environmental research organization from the United Kingdom.
Several American senators were in attendance along with researchers from the Department of Energy, federal law enforcement officers, scientists and others. The event concluded on Jul. 11.
“Our nation’s ability to develop these technologies is key to our energy security, and there’s no better place in the country to find energy resources than Wyoming,” state Senator John Barrasso, one of the attendees, said.
Rare earth extraction from a coal mine is not the only unconventional mining endeavour taking place within the state in the near future. Wyoming’s U.S. Gold Corp. (Nasdaq: USAU) will soon be producing approximately 1.5 million gold equivalent ounces from its CK Gold Project, a commodity the Cowboy State is not generally known for.
Shovels will hit the ground at the site by year-end. It will create hundreds of jobs for state residents.
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rowan@mugglehead.com
