By James Hyland
In a move reminiscent of a treasure hunt, Randall Atkins, a former Wall Street banker, purchased an old coal mine outside Sheridan, Wyoming, for about $2 million in 2011. Little did he know, this bold and somewhat speculative investment would uncover a hidden wealth of rare earth elements (REEs) worth an estimated $37 billion. This discovery has the potential to shift the landscape of U.S. mineral supply and bolster advanced technologies. His initial hope was for modest profits, but what he unearthed was beyond extraordinary.
By May 2023, Ramaco Resources, Inc., Atkins’ company, announced a groundbreaking discovery: significant deposits of magnetic rare earth elements (REEs) at the Brook Mine property. This revelation followed eighteen months of intensive core drilling and rigorous chemical analysis. Collaborating with the Department of Energy’s National Energy Technology Laboratory (NETL) and Weir International, Inc., Ramaco uncovered what could become a dependable domestic source of critical materials essential for advanced military technology, batteries, medical devices, and more.
As reported by The Wall Street Journal, the Brook Mine houses one of the largest unconventional rare earth deposits in the United States, with an estimated value of $37 billion. Government researchers confirmed substantial amounts of REEs, including neodymium, dysprosium, terbium, and praseodymium. These elements are vital for the production of modern technologies like electric vehicles and wind turbines.
“When I bought the mine, I didn’t know the difference between rare earths and rare coins,” Atkins candidly admitted. His venture has now placed Ramaco Resources at the forefront of a potential mining renaissance. The company is currently extracting larger samples for further analysis, aiming to establish the first new rare earth mine in the U.S. since 1952. This marks a significant shift for Ramaco, traditionally focused on coal used in steelmaking.
The Brook Mine spans over 15,800 acres near Sheridan, Wyoming, making it one of the largest privately controlled mineral reserves in the Western United States. Mining permits were granted for approximately 4,500 acres in 2020, enabling the initial exploration and assessment program that led to this monumental discovery.
The United States is in a strategic race to reduce its dependence on China for critical minerals. China’s recent restrictions on exporting minerals such as gallium and germanium—used in semiconductors and missile systems—highlight the urgency of diversifying supply sources. Remarkably, these minerals were also identified in the Brook Mine.
Atkins attributes his strategic foresight to his father, Orin Atkins, who built Ashland Oil into a powerhouse. “We prefer going in that direction,” he said, emphasizing the higher value and strategic importance of rare earth elements compared to coal.
Investment firm Signia Capital Management has significantly increased its stake in Ramaco, spurred by the rare earth discovery. The company’s shares have soared, reflecting investor optimism and the potential for substantial returns from this venture.
With roots in Kentucky and a background in energy and banking, Atkins is confident about the future. He envisions this project bringing economic benefits to the local community and securing a lasting legacy. “If I could build something even remotely as successful as my father did, I would be very happy,” Atkins remarked.
Unlike most REE deposits outside China, which are found in hard igneous rock and are expensive and challenging to mine, the Brook Mine’s REEs are classified as “unconventional.” They are primarily located in softer clay strata above and below the coal seams, making them easier and more cost-effective to extract using surface mining techniques and potentially deeper in-situ methods. This unconventional nature suggests a more economically and environmentally friendly mining process than traditional REE mines.
The Brook Mine discovery stands as possibly the largest unconventional REE deposit in the United States. This monumental find not only positions Ramaco Resources as a leader in the rare earth market and reducing dependency on foreign sources and fostering technological advancements, but also offers a critical domestic source for materials essential to national security and technological innovation.
As the U.S. strives to lessen its dependence on foreign minerals, the Brook Mine could play a pivotal role in securing the nation’s supply of rare earth elements. For Randall Atkins, what began as a speculative investment has transformed into a venture with the potential to reshape the landscape of American mining and secure a future of technological and economic prosperity.
