A former Wall Street banker’s purchase of a coal mine over a decade ago has led to a surprising discovery. Randall Atkins bought a mine outside of Sheridan, Wyoming without knowing what lay beneath its surface, according to The Wall Street Journal. Originally intending to sell coal to power plants, Atkins’ company, Ramaco Resources, collaborated with the DOE’s National Energy Technology Laboratory and geologists at Weir International, Inc. and found that the mine contains rare earth elements (REEs) worth an estimated $37 billion.
REEs such as neodymium, praseodymium, and dysprosium have been found in Atkins’ Brook Mine, which is now considered one of the largest unconventional deposits of REEs in the US. These elements possess unique properties such as fluorescence, magnetism, and conductivity. Currently, Ramaco Resources is one of only two operating REE mines in the country.
REEs have a wide range of applications, including use in specialty glass products, steelmaking, and batteries. They are also utilized in lasers and Defense Department weapons. The US heavily relies on imports from China for REEs, with about 74% being imported between 2018 and 2021. The US government aims to reduce this dependence by investing $32 million in domestic rare earth and mineral projects.
However, there are concerns regarding the extraction and purification process of REEs. Often, these elements are mixed with other substances, including radioactive ones, which can have harmful environmental effects. Atkins claims that the unconventional nature of the deposit in his mine, being closer to the surface and mixed with coal, makes extraction less expensive and eliminates the need for caustic acids.
The Powder River Basin Resource Council (PRBRC) has been opposing Ramaco Resources for years due to concerns about the environmental impact of coal mining. With the shift towards REE extraction, the PRBRC remains skeptical and worried about the potential effects on air and water quality. Shannon Anderson, the PRBRC’s attorney, believes that Ramaco Resources is still searching for a profitable venture with the mine.
The discovery of rare earth elements in Atkins’ coal mine has opened up new possibilities for economic growth and reduced reliance on imports. However, the environmental concerns associated with the extraction process continue to be a point of contention.
