Ramaco Resources, Inc. (NASDAQ: METC, METCB) announced Tuesday that its Brook Mine has secured a second five-year mining permit from Wyoming regulators, completing all required approvals. As America’s first new rare earth mine in over seven decades, the Brook deposit hosts the nation’s largest known unconventional rare earth element (REE) and critical mineral resource hosted in coal and carbonaceous ore.
Ramaco’s stock has nearly doubled over the past month.
CEO Randall Atkins stated that upon production, Brook will become one of only two domestic rare earth sources and the sole US supplier of both heavy rare earths and defense-critical minerals. Projected magnet rare earth output alone could meet 3-5% of total US permanent magnet demand and over 30% of defense applications (accounting for 10% of national magnet metal demand).
This month’s preliminary economic assessment projects the mine’s rare earth and critical mineral operations to achieve:
REEs are essential for electrification and EV heavy magnet production. Currently, only California’s Mountain Pass mine produces magnetic REEs domestically.
On July 11, US Energy Secretary Chris Wright, Wyoming Governor Mark Gordon, and congressional delegates attended the Brook Mine Carbon Ore Rare Earth project inauguration. Earlier this year, Governor Gordon approved a $6.1 million Energy Matching Fund grant for the mine’s processing facility, with construction slated to begin later this year.
Secretary Wright emphasized that Brook will not only provide coal but also extract rare earths to break dependence on China. Developing domestic REE mining and refining capacity represents a national strategy to reduce foreign reliance in defense, technology, and clean energy sectors. China currently controls 91% of global rare earth refining, 87% of oxide separation, and 94% of magnet production.
