The recent discovery of 2 billion tons of rare Earth minerals in Wyoming could be a game-changer for the American economy. With the United States currently importing 74 percent of its minerals and relying heavily on China for 95 percent of all Earth minerals, this newfound resource could shift the balance of power in the manufacturing industry.
Mining company American Rare Earths struck gold, so to speak, on a piece of land in Wyoming, uncovering oxides of neodymium, praseodymium, samarium, dysprosium, and terbium. These minerals are vital components in technology, from smartphones to hybrid cars to aircraft, as well as household items like light bulbs and lamps.
CEO Don Schwartz expressed his excitement over the unexpected increase in resources, stating, “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.”
Another mining company, Ramaco Resources, also made a significant discovery of $37 billion worth of minerals near Sheridan, Wyoming. CEO Randall Atkins highlighted the potential for further exploration into deeper levels to uncover even more valuable resources.
With these discoveries potentially revitalizing the American industry and reducing the country’s reliance on foreign imports, the future looks promising for domestic manufacturing and economic growth. This development could ultimately lead to a more competitive and self-sufficient American economy in the global market.
