- Randall Atkins, 71, bought the Brook Mine 12 years ago – but it wasn’t until years later that researchers discovered the soil contained rare earth elements
- Its rare earth elements can sell for more than $1 million per ton
A 71-year-old investor who unexpectedly bought an old coal mine in Wyoming for $2 million has discovered that it may contain $37 billion worth of “rare earth” minerals.
Randall Atkins, the CEO of Ramaco Resources, bought the Brook Mine in Sheridan 12 years ago – but it wasn’t until years later that researchers checked whether the soil contained elements used in semiconductors, rockets and solar cells.
He was shocked to discover that his mine may contain the largest rare earth deposit in the United States – and the materials could be worth 18,500 times what he paid for the land. The last U.S. mine containing such rare materials was discovered in 1952.
Atkins’ 6,000-acre property in the Powder River Basin has tested positive for gallium and germanium, and estimates suggest there could be 1.1 million tons of oxides in just a quarter of the property.
In comparison, the average annual consumption in the US is 8,300 tons.
Randall Atkins, the CEO of Ramaco Resources, bought the Brook Mine in Sheridan 12 years ago – but it wasn’t until years later that researchers checked whether the soil contained elements used in semiconductors, rockets and solar cells
Neodymium, praseodymium, dysprosium and terbium have also been found.
Neodymium magnets are used in hard drives and cell 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 energy-saving lamps and mercury lamps.
Its rare earth elements now sell for more than $1 million per ton.
Kentucky-born Atkins and his team now hope to mine the elements and process them into what’s needed for green energy, including motors in electric vehicles and offshore wind turbines.
Ramaco Resources, valued at $620 million, typically focuses on mining metallurgical coal. It was his father, Orin Atkins, who built Ashland Oil into a multinational energy company.
Before his death, he was involved in a number of federal matters and pleaded guilty to fraud and conspiracy charges.
The younger Atkins told WSJ, “I look back on him with love and admiration. “If I could build something even remotely as successful as he did during his tenure, I would be very happy.”
Ramaco Resources, valued at $620 million, typically focuses on mining metallurgical coal. It was his father, Orin Atkins, who built Ashland Oil into a multinational energy company
Pictured: Ramaco Carbon iCam facility in Sheridan, Wyoming
“What we’re doing here is interesting for younger people.” It’s new, cutting-edge science and technology.
“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 time that could be crucial for the United States. Currently, China controls most of the world’s rare earth refining and has recently restricted the export of some minerals.
As a result, China has become the dominant producer and price provider in the industry.
China controls 95 percent of the production and supply of rare earth metals, which are critical to making magnets for electric vehicles and wind farms, and this monopoly has allowed China to dictate prices and stoke unrest among end users through export controls.
Rare earths, a group of 17 elements, drew renewed attention after Beijing last month announced export licensing requirements for some graphite products from December to protect national security, citing national security concerns.