‘Mining Fraud’? Critics Question New Wyoming Rare-Earth Mine

Energy Secretary Chris Wright last week traveled to a spot in north-central Wyoming for a ribbon-cutting event at what is being billed as America’s first new rare earth mine in 70 years.

Ramaco Resources claims its Brook Mine near Sheridan, Wyoming, will satisfy a large chunk of U.S. demand for rare earths and their applications by extracting the resources from clay deposits found between layers of coal.

The hope that the U.S. could develop its own rare earth sources and break China’s control over those supply chains has stirred a lot of excitement. At the ribbon-cutting ceremony last week, Wright was flanked by Wyoming’s congressional delegation, Gov. Mark Gordon and former West Virginia Senator Joe Manchin, who is on the board of Ramaco.

Predictions fall short of the hype, experts say

“Mining our own minerals will help safely and securely power the advanced technologies driving our economy and national defense,” Sen. John Barrasso, R-Wyo., said during the ceremony. Rare earth elements are crucial — or even strategic — components in a wide range of technologies, including electronics, renewable energy, and defense systems.

Beneath the cheers for Ramaco, however, some mining experts with experience with the minerals that Ramaco is aiming to extract, say the Brook Mine’s potential falls well beneath the hype and won’t likely ever turn a profit, much less produce any minerals.

“This thing has moved to the number one slot of mining frauds in North America,” David Hammond, a mineral economist with decades of experience as a mining consultant, told Just the News.