Mentioned:
METC -8.26% UUUU -14.13%
One of America’s most promising rare earth deposits has landed a new injection of government funding.
What’s happening:
- Ramaco Resources (NASDAQ: METC) has received a $6.1M USD matching grant from the Wyoming Energy Authority to advance their CORE Brook Mine project for rare earth elements
Why it matters:
- The CORE Brook Mine is one of the most promising rare earth deposits in the United States of America that has the potential to be developed into a full scale producing mine
Going deeper:
- The United States Department of Energy’s National Energy Technology Laboratory previously publicly stated that the CORE Brook Mine owned by Ramaco Resources is one of the largest unconventional rare earth deposits globally
- Rare earth elements have seen a significant uptick in importance recently as the American government looks to reduce its dependence on foreign countries for rare earth supply, which just recently led to a notable new strategic alliance between Energy Fuels (NYSE: UUUU) and The Chemours Company (NYSE: CC) for developing a more robust domestic supply chain of both rare earth elements and critical minerals
The intrigue:
- The CORE Brook Mine project is one of the few rare earth deposits that is not located in hard igneous rock formations and is instead contained within soft clay strata above and below coal seams, which makes it significantly easier to mine and process
