The United States is making significant strides in various sectors, and the recent discovery of more than 2,000,000,000 tons of rare Earth minerals might position it as a leading force globally.
This find has the potential to allow the US to surpass China, which would greatly benefit the nation’s industries.
According to American Rare Earth Inc., those involved in the project state that these discoveries have ‘exceeded the wildest dreams’ of everyone involved.
The remarkable finds consist of oxides such as neodymium, praseodymium, samarium, dysprosium, and terbium.
While these elements might not seem extraordinary to many science enthusiasts, they are crucial in manufacturing technology like smartphones, hybrid vehicles, and aircraft, as well as everyday items such as light bulbs.
Currently, China is responsible for 95 percent of global earth mineral production, with the US importing 74 percent from them.
However, following a ban on extraction in December 2023, American Rare Earths have been working to compete with China’s dominance in the industry.
The company began drilling operations in March 2023, initially estimating a yield of 1.2 million metric tons of minerals in Wyoming.
Further drilling efforts have uncovered much more, with American Rare Earths boosting their 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.”
American Rare Earths is not alone in this endeavor.
Ramaco Resources announced they found a rare mineral deposit near Sheridan, Wyoming, with a projected value of $37 billion.
“We only tested it for 100, 200 feet, which is about the maximum you’d ever want to do a conventional coal mine,” Ramaco Resources CEO Randall Atkins told Cowboy State Daily.
“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.”
Nevertheless, American Rare Earths has downplayed this 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.”