The U.S. could be about to break China’s dominance in the rare mineral industry after discovering a reported 2.34 billion tons of rare minerals in a site in Wyoming.
Groundbreaking Discoveries in Rare Earth Minerals
American Rare Earths Inc. revealed a 64% increase from its original estimate of rare minerals found in Wheatland, Wyoming.
China Dominates Market
China provides 95% of the world’s supply of rare minerals, showing its clear dominance in the market.
U.S. Seeks Opportunity
The U.S. gets 74% of its rare mineral supply from China, which has recently announced a ban on extracting minerals from the Earth, further monopolizing the market.
Wyoming’s Potential as America’s Answer
Wyoming has now been hailed as a potential solution to break China’s dominance in the market after a contemporary gold rush in the area.
The Race for Dominance is on
“China is driven to maintain its market dominance… This is now a race,” claimed the CEO of American Rare Earths, Don Swartz.
American Rare Earths Inc.’s Strategic Land Acquisition
American Rare Earths Inc. wants to buy huge areas of land in Wheatland, Wyoming after the discovery surpassed all expectations.
Surpassing Competitors in Mineral Estimates
One company estimated there would be around 1.2 billion metric tons of precious minerals in Wyoming. However, this figure has been proved wrong.
Exceeding Expectations in Wheatland
After significant research from American Rare Earth Inc., it was announced that a total of 2.34 billion metric tons could be extracted from Wheatland.
64% Increase Since First Estimate
Since the first drilling in March 2023 that created the initial estimate, companies have seen a 64% increase in the potential amount of minerals.
CEO’s Enthusiastic Reaction to Discoveries
CEO Donald Swartz expressed excitement, stating that the findings “exceeded our wildest dreams” while only 25% of the property had been drilled.
Consumer Demand Fuels Rare Earth Mineral Boom
This discovery could have come at the best time in history after a huge rise in consumer demand for magnet metals that drive the production of wind turbines and electric vehicles.
An Unorthodox Discovery
Swartz said in an interview that usually, the minerals would start to decrease at this point in the drilling process, but that’s not the case for Wheatland, Wyoming.
A Long Way To Go
“Typically, you’ll see the resource decrease as infill drilling takes place – instead, we’re seeing the opposite, with only 25% of the project being drilled to this point,” noted Swartz.
Benefits for the Job Market
Another benefit to the discovery is the potential for a huge workforce, adding a number of jobs to the local community to help dig out the enormous load.
30 Years of Sustainability
If American Rare Earth’s estimates are correct, these jobs could be sustained at least for the next 30 years while adding huge income to Wyoming and America.
Record January for Jobs
The U.S. has already seen a record month in January, where over 300,000 jobs were added to the market across the nation, meaning it could only get better.
Challenges in Market Readiness
While worldwide demand stands at 60,000 tons annually, Swartz questions if the market can absorb substantial material from a large mine.
Too Much for the Market?
“If you build a really big mine, can the market take all of that material?” Swartz asked, “We’re trying to make something that’s modular and scalable, that can grow in the market over time,”
A Positive Future
After China’s dominance in the mineral market and America’s ambition of distancing its reliance on the nation’s trade, this could be the jackpot that the U.S. needed for an economic boost.
The post Wyoming’s 2.34 Billion Ton Discovery Threatens China’s Mineral Dominance first appeared on Career Step Up.
Featured Image Credit: Shutterstock / Joaquin Corbalan P.
The content of this article is for informational purposes only and does not constitute or replace professional financial advice.
