Ramaco Aims for Rare Earth Supremacy in Wyoming

Sheridan, Wyoming – Ramaco Resources recently began construction on a new coal mine, the first in Wyoming in half a century. The project, known as Brook Mine, has already reached a depth of 100 feet, revealing a 20-foot coal seam. An official ribbon-cutting ceremony took place last week, attended by notable figures including Energy Secretary Chris Wright and retired West Virginia Senator Joe Manchin.

Ramaco CEO Randall Atkins has ambitious plans for the mine, anticipating the extraction of 2.5 million tons of coal in the coming year, which may contain valuable rare-earth elements such as dysprosium, neodymium, scandium, and gallium. These minerals are crucial for technologies like powerful magnets, semiconductors, and hypersonic missiles. Atkins states, “Critical minerals and rare earths are to this century what oil was to the 20th century.”

Ramaco, a publicly traded company, has seen its stock rise 80% this year, boasting a market cap of $1 billion based on $11 million in earnings and $670 million in sales. Once its pilot processing plant is completed in late 2026, the company plans to significantly contribute to the U.S. rare earths supply, which is currently reliant on imports from China.

Recently, the Trump Administration announced a $400 million investment in MP Materials, Ramaco’s government-backed competitor. MP operates the Mountain Pass mine, the only U.S. site currently producing rare earths. Despite the federal investment, Atkins believes that Brook Mine has superior resources. He notes that Mountain Pass primarily yields lighter rare earths while Brook Mine is expected to produce more valuable heavier rare earths without the radioactivity challenges faced by MP.

Atkins credits the geology of Wyoming’s Powder River Basin, which has rich fossil fuel deposits, for the potential of rare earth extraction. He explains that rare earth elements are not particularly rare but are often not found in economically viable concentrations. At Brook, rare earth concentrations have been identified at high levels, with some samples showing up to 10,000 parts per million. This could set Brook apart from coal accumulation sites globally.

To demonstrate precision in mining, Atkins expressed a desire for a surgical approach rather than creating giant pits. His background in fossil fuels dates back to his father’s involvement in a major coal company, and he aims to capitalize on new technologies to extract value from coal.

In addition to rare earths, Ramaco is exploring the production of other high-value products from coal. They are collaborating with scientists for innovative processes that may lead to synthetic graphite and battery anodes, amongst others.

While Ramaco is positioned for growth, the current market dynamics raise questions about pricing and the potential for government support, as the global market for rare earths is heavily influenced by Chinese supply management. Atkins advocates for a U.S. pricing index for rare earth elements and a national strategic reserve to bolster domestic production.

Atkins concludes, “The U.S. will need a national strategic reserve of rare earths and critical minerals.”