The US could soon surpass China as the world leader in rare earth minerals after more than 2.34 billion tonnes were discovered in Wyoming.
American Rare Earths Inc announced that reserves near Wheatland dramatically exceed the Asian country’s 44 million tons, saying it “exceeded our wildest dreams” after drilling only about 25 percent of the land.
The company has an interest in 367 mining claims spanning 6,320 hectares of land in the Halleck Creek Project, along with four mineral leases in Wyoming covering 1,844 hectares on the same project now called Cowboy State Mine.
The types of minerals at the site are used in smartphones, hybrid car engines and military technologies, among other things.
American Rare Earths Inc announced that reserves near Wheatland dramatically exceed the Asian country’s 44 million tons, saying it was “beyond our wildest dreams” after only about 25 percent of the property was drilled.
As much as 95 percent of processed rare earth minerals come from China – and the US imports 74 percent of its supply from the country.
However, China recently announced a ban on rare earth mining in December 2023.
Don Swartz, CEO of American Rare Earths, said after the country’s announcement: “China is driven to maintain its market dominance.
“This is a race now.”
Now, two months later, Swartz and his team are working to break China’s hold on the market.
American Rare Earths conducted the first drilling in March 2023, which revealed an estimated 1.2 million tons in northeastern Wyoming. Cowboy stands daily reported.
But a second attempt in the fall revealed 64 percent more.
American Rare Earths conducted initial drilling in March 2023, showing estimates of 1.2 million tons in northeastern Wyoming (map shows mine site)
These results are illustrative of the project’s tremendous potential as resources increased by 64 percent during a development drilling campaign, increasing measured/indicated resources by 128 percent,” Shwartz said in a statement this week.
“You normally see resources diminish as infill drilling takes place. Instead, we see the opposite: only 25 percent of the project is drilled to date.
The rare earth minerals discovered at the site include oxides of neodymium, praseodymium, samarium, dysprosium and terbium.
Magnets made from neodymium are used in hard drives and cell 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 at the surface, which is the most common method used around the world for mineral mining.
The rare earth minerals discovered at the site include oxides of neodymium, praseodymium, samarium, dysprosium and terbium.
An example is the particularly enormous Bingham Canyon mine near Salt Lake City, Utah, which is about three-quarters of a mile deep and about 4 miles wide.
Although surface mining poses an environmental hazard, it is still the fastest way to extract minerals; companies can extract as much as 20,000 tons per day.
The gaping hole in the ground is also safer for workers, compared to tunnels that go miles below the surface.
American Rare Earth isn’t the only company in the new gold rush in the West, as U.S.-based Ramaco Resources has a stake near Sheridan, Wyoming, that could be worth about $37 billion.
Ramaco Resources CEO Randall Atkins told Cowboy State Daily: “We only tested it over 100 to 200 feet, which is about the most you would ever want to do with a conventional coal mine.
“Much deeper than that, and the cost would be prohibitive for coal at $15 a ton. But there are seams that go almost 300 meters deep. So we’re drilling down to the deeper levels to see what’s down there.”
Ramaco estimated in May that it had 800,000 tons of rare earths, but then announced in December that this amount had risen to 1.2 million.
Neodymium, praseodymium, dysprosium and terbium have also been found at the site, but the amount does not compare to what the American Rare Earth discovered.