A 71-year-old investor who bought an old Wyoming coal mine sight-unseen for $2million has learned that it may contain $37 billion worth of ‘rare earth’ minerals.
Randall Atkins, the CEO of Ramaco Rescources, bought the Brook Mine in Sheridan 12 years ago – but it wasn’t until years later that researchers checked if the ground contained elements that are used for semiconductors, missiles and solar cells.
He was shocked to find out that his mine may contain the largest rare-earth deposit in the United States – and the materials may be worth 18,500 times what he paid for the land. The last US mine to be found with such rare materials was found in 1952.
Atkins’ 6,000 acres of land in the Powder River Basin has tested positive for gallium and germanium, and estimates show that there could be 1.1 million metric tons of oxides in just a quarter of plot.
This is compared to the US average annual consumption of 8,300 metric tons.
Randall Atkins, the CEO of Ramaco Rescources, bought the Brook Mine in Sheridan 12 years ago – but it wasn’t until years later that researchers checked if the ground contained elements that are used for semiconductors, missiles and solar cells
Neodymium, praseodymium, dysprosium and terbium have also been found.
Magnets made from neodymium are used in hard disc 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 low-energy lightbulbs and mercury lamps.
His rare earth elements are now being sold for more than $1 million per metric ton.
Kentucky-born Atkins and his team are now hoping to mine the elements, process them into what’s needed for green energy – including for motors in electric vehicles and offshore wind turbines.
Ramaco Rescources, which is worth $620 million, typically focuses on mining metallurgical coal. It was his father, Orin Atkins, who built Ashland Oil into a multinational energy conglomerate.
Before his death, he was wrapped up in a slew of federal issues, and pleaded guilty to fraud and conspiracy charges.
The younger Atkins told WSJ: ‘I look back at him with love and admiration. If I could build something even remotely as successful as he had over his tenure, I would be very happy.’
Ramaco Rescources, which is worth $620 million, typically focuses on mining metallurgical coal. It was his father, Orin Atkins, who built Ashland Oil into a multinational energy conglomerate
Pictured: Ramaco Carbon iCam facility in Sheridan, Wyoming
‘What we’re doing here is neat to younger people. It’s novel, cutting-edge science and tech.
‘Rare-earth deposits open up completely different horizons for this community.’
Atkins bought his lucrative mine from Brink’s, a company that was getting out of the coal business.
His discovery comes at a point that may be critical for the US. As it stands, China controls most of the rare earth refining in the world and have recently limited the export of some of the minerals.
As a result, China has become the dominant producer and price-setter in the industry.
China controls 95 percent of the production and supply of rare earth metals, integral to manufacturing magnets for electric vehicles and wind farms, and this monopoly has allowed China to dictate prices and stir turmoil among end users through export controls.
Rare earths, a group of 17 elements, garnered renewed attention after Beijing last month announced export permit requirements for some graphite products from December to protect national security, citing national security concerns.