Topics: Business, Environment, Science, Technology, China
There's no doubt the US is leading the way in many industries, and the discovery of over 2,000,000,000 tons of rare Earth mineral could make the country the new 'world leader'.
This discovery could mean the country overtakes China, in what would be a huge boost for the industries in the country.
It's said these findings have ‘exceeded the wildest dreams’ of those involved with the project, according to the American Rare Earth Inc.
The impressive discoveries include oxides of neodymium, praseodymium, samarium, dysprosium, and terbium.
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While that may not sound too impressive to the many science junkies out there, these materials are used in technology such as smartphones, hybrid cars, and aircrafts, as well as more common things like light bulbs and lamps.
Currently, a whopping 95 percent of earth minerals originate from China, with the US alone importing 74 percent.
But following a ban on extraction in December 2023, American Rare Earths have been working to break China's record.
The company first started drilling in March 2023 and estimated 1.2 million metric tons of minerals in Wyoming.
But further drills have revealed way more. In fact, American Rare Earths have actually increased that 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 aren't the only ones in the running.
Ramaco Resources revealed it had found a deposit of rare minerals near Sheridan, in Wyoming, that could have a 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."
But American Rare Earths has dismissed the 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.”
