The discovery has the potential to make the US a world leader in rare Earth minerals
After discovering over 2 billion tons of some incredibly rare minerals, the US now has the potential to become a world leader in the matter.
Becoming a world leader when it comes to resources tends to be a good thing on the international stage – and the US could soon become a world leader after a discovery in Wyoming.
In what is expected to be a boost for American industry, the discovery of two billion metric tons of rare earth minerals could mean the country overtakes China.
The discovery has ‘exceeded their wildest dreams’, according to the American Rare Earth Inc and to top things off they have only drilled around a quarter of the project.
The discovery of two billion metric tons of rare earth minerals could mean the US will overtake China. (American Rare Earths)
The discoveries include oxides of neodymium, praseodymium, samarium, dysprosium and terbium. Now that might not mean much to many at first, but these kinds of minerals are widely used in technology such as smartphones, hybrid cars and aircrafts, as well as more common things like light bulbs and lamps.
Currently, a whopping 95 percent of earth minerals originate from China, with the States alone importing 74 percent.
But following a ban on extraction in December 2023, American Rare Earths have been working to break China’s record.
The company first started drilling in March 2023 and estimated 1.2 million metric tons of minerals in Wyoming.
But further drills have revealed way more. In fact, American Rare Earths have actually increased its yield by over two thirds.
“These results are illustrative of the enormous potential of the project when the resource increased by 64 percent during a developmental drilling campaign, which increased measured/indicated resources by 128 percent,” said American Rare Earths CEO Don Schwartz.
“Typically, you’ll see the resource decrease as infill drilling takes place – instead, we’re seeing the opposite, with only 25 percent of the project being drilled to this point.”
Currently, a whopping 95 percent of earth minerals originate from China, with the States alone importing 74 percent. (American Rare Earths)
American Rare Earths aren’t the only ones in the running.
Ramaco Resources revealed it had found a deposit of rare minerals near Sheridan in Wyoming, that could have a value of $37 billion.
Ramaco Resources CEO Randall Atkins told Cowboy State Daily: “We only tested it for 100, 200 feet, which is about the maximum you’d ever want to do a conventional coal mine.
“Much deeper than that, and the cost would be prohibitive to mine for $15-a-ton coal. But there are seams that go down almost to 1,000 feet. So, we’re drilling down into the deeper levels to see what’s down there.”
But American Rare Earths has dismissed the estimate.
“Our resources is on an order of magnitude larger than the Ramaco Resources number,” said Schwartz.
“If you did the same thing for it, you’d come up with a lot bigger number, but that doesn’t take into account whether you can [mine and process] more economically, or even do it.”
Featured Image Credit: American Rare Earths / MARCUS YAM / LOS ANGELES TIMES / Getty
