The United States is poised to become the leading producer of rare earth minerals after a massive discovery in Wyoming. American Rare Earths Inc announced the discovery of 2.34 billion metric tons of rare earth minerals in the state, a significant increase from the previously estimated 1.2 million metric tons. This discovery significantly surpasses China's 44 million metric tons, potentially allowing the US to surpass the Asian nation as the world leader in rare earth mineral production.
Rare earth minerals are crucial for smartphones, hybrid cars, and military technologies. Currently, the US imports 74% of its supply from China, which recently announced a ban on rare earth extraction. American Rare Earths is working to break China's lock on the market, with the potential to dramatically impact the global supply chain.
The rare earth minerals discovered in Wyoming include oxides of neodymium, praseodymium, samarium, dysprosium, and terbium. The extraction process would involve an open pit on the surface, which is the most common method for mineral mining worldwide. While open-pit mining is an environmental hazard, it is still the fastest way to extract minerals, with companies potentially pulling up to 20,000 tons a day.
American Rare Earth is not the only company in the new gold rush out west, as US-based Ramaco Resources has a stake near Sheridan, Wyoming that could be worth around $37 billion. Ramaco Resources CEO Randall Atkins told Cowboy State Daily that the company is drilling down into deeper levels to see what's down there.
This discovery could have a significant impact on the global rare earth minerals market, potentially making the US a world leader in the supply of these crucial materials.
It could give us a great cost advantage in the world of cars as well!
Some truly exciting news and GREAT for the good old USA!!!
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