Example of rare earth minerals. (Image Credit: Agriculture Research Service/Peggy Greb)
Recently, American Rare Earths found over 2.34 billion metric tons of rare earth minerals in Wyoming. This could ultimately lead to the United States overtaking China, which has 44 million metric tons, as a leader in the rare earth minerals department. American Rare Earths has ownership interests in 367 mining claims in the Halleck Creek Project, spanning 6,320 acres. It also owns four mineral leases across 1,844 acres on the Cowboy State Mine project. These minerals have applications for smartphones, military tech, and hybrid car motors.
American Rare Earths’ first drilling occurred last year, and 1.2 million metric tons were found in northeastern Wyoming. Then, the company drilled again in autumn, discovering another 64%. That second drilling, which saw the measured/indicated resources boost by 128%, shows huge potential gains.
The company discovered oxides of neodymium, samarium, terbium, dysprosium, and praseodymium. Mobile phones, disk drives, and hard drives have neodymium-based magnets, and aircraft engines have high-strength alloys made of praseodymium. Low-energy light bulbs and mercury lamps have terbium, while dysprosium is used in the creation of nuclear reactor control rods.
Extracting rare earths involves an open pit on the surface, an environmentally hazardous but quick method. Companies have mined 20,000 tons per day via open pit mining. Other techniques rely on tunnels that can be dug miles underneath the surface, which isn’t very safe.
Ramaco Resources has also joined the rare earths game. It has a stake around Sheridan, Wyoming, estimated at approximately $37 billion. According to the company, 800,000 tons of rare earths were found in May, and that increased to 1.2 million in December. This site includes Praseodymium, terbium, dysprosium, and neodymium.
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