The United States could soon overtake China as the world leader in rare earth minerals after more than 2.34 billion metric tons were discovered in Wyoming.
American Rare Earths Inc announced that reserves near Wheatland dramatically exceed the Asian nation’s 44 million metric tons, saying they “exceeded our wildest dreams” after drilling only about 25 percent of the property.
The company has an interest in 367 mining claims on 6,320 acres of land in the Halleck Creek Project, along with four Wyoming mineral leases on 1,844 acres in the same project now called Cowboy State Mine.
The types of minerals found here are used, among others, in smartphones, hybrid car engines and military technologies.
American Rare Earths Inc announced that reserves near Wheatland dramatically surpass the Asian nation’s 44 million metric tons, saying it “exceeded our wildest dreams” after drilling only about 25 percent of the property.
Up to 95 percent of processed rare earth minerals come from China, and the United States imports 74 percent of its supply from that nation.
However, China recently announced a ban on rare earth mining in December 2023.
Don Swartz, CEO of American Rare Earths, stated following the nation’s announcement: “China is motivated to maintain its market dominance.
“This is already a race.”
Now, two months later, Swartz and his team are working to break China’s blockage on the market.
American Rare Earths conducted the first drilling in March 2023, which determined there were estimates of 1.2 million metric tons in northeastern Wyoming, the Cowboy State Diary reported.
But a second attempt in the fall uncovered 64 percent more.
American Rare Earths conducted first drilling in March 2023, which determined there were an estimated 1.2 million metric tons in northeastern Wyoming (map shows mining site)
“These results are illustrative of the project’s enormous potential when the resource increased by 64 percent during a development drilling campaign, which increased measured/indicated resources by 128 percent,” Shwartz said in a statement this week.
‘Usually you will see the resource decrease as infill drilling is performed; Instead, we are seeing the opposite, with only 25 percent of the project being drilled to this point.
Rare earth minerals discovered at the site included oxides of neodymium, praseodymium, samarium, dysprosium and terbium.
Magnets made from neodymium are used in hard drives and mobile phones, while praseodymium is used in high-strength alloys in aircraft engines.
Dysprosium is used to make control rods in nuclear reactors and terbium is used in energy-saving light bulbs and mercury lamps.
The extraction process would use an open pit on the surface, which is the most common method used around the world for mineral extraction.
Rare earth minerals discovered at the site included oxides of neodymium, praseodymium, samarium, dysprosium and terbium.
One example is the particularly huge Bingham Canyon mine near Salt Lake City, Utah, which is about three-quarters of a mile deep and about 2.5 miles wide.
While open pit mining is dangerous to the environment, it is still the fastest way to extract minerals: companies can extract up to 20,000 tonnes per day.
The huge hole in the ground is also safer for workers, compared to tunnels that are miles deep.
American Rare Earth is not the only company in the new gold rush in the West, as US-based Ramaco Resources has a stake near Sheridan, Wyoming, that could be worth around $37 billion.
Randall Atkins, CEO of Ramaco Resources, told Cowboy State Daily, “We only tested it at 100 or 200 feet, which is about the most you would ever want to do in a conventional coal mine.”
‘Much deeper than that, and the cost would be prohibitive to extract coal at $15 a ton. But there are veins that go down almost 1,000 feet. So we’re drilling the deeper levels to see what’s down there.
Ramaco estimated in May that it had 800,000 metric tons of rare earths, but then announced in December that amount was up to 1.2 million.
Neodymium, praseodymium, dysprosium and terbium have also been found at the site, but the amount does not compare to what American Rare Earth has discovered.