Latest news with #Ramaco
Time of India
12-07-2025
- Business
- Time of India
Wyoming's first new coal mine in decades to extract rare earths
Cheyenne: The developer of what would be the first new coal mine in Wyoming in decades is launching a potentially half-billion-dollar effort to extract rare earth metals from the fossil fuel that are crucial for tech products and military hardware. Energy Secretary Chris Wright, Wyoming Gov. Mark Gordon, and Wyoming's congressional delegation took part in a ribbon-cutting ceremony Friday for Ramaco Resources, Inc.'s Brook Mine outside Ranchester in northeastern Wyoming. "Not only do we get coal here, we are going to get those rare earth elements that are going to break our dependence on China," Wright told Fox News from the mine site Friday. Wright's involvement underscores President Donald Trump's determination to advance fossil fuel projects and mining and reverse former President Joe Biden's moves to support for renewable energy. Administration officials on Monday moved toward selling federal coal leases in the top U.S. coal-producing region in northeastern Wyoming and southeastern Montana. On Thursday, officials announced a proposal in Utah that they said would be the first coal exploration project on U.S. Bureau of Land Management property since 2019. Those moves came on the heels of legislation signed last week that lowered royalty payments for companies mining coal on public lands and mandated officials make available for potential mining an area greater in size than Connecticut. Meanwhile, local officials in Utah hope the administration will support plans to build a railroad spur to boost oil drilling. A coalition of eastern Utah counties wants Trump's Transportation Department to approve $2.4 billion in bonds for the 88-mile (140-kilometer) spur to export oil from the Uinta Basin, a project that may proceed after a U.S. Supreme Court ruling. On Friday, the minerals capturing the administration's attention were not just coal but rare earths - a family of 17 metallic elements with unusual properties that make them useful in modern technology, from electric car batteries and wind turbines to military targeting devices. The only operating U.S. rare earths mine is at Mountain Pass in California. Nearly all of the nation's supply comes from China, the source of nearly 90% of the world's supply. Rare earths aren't especially rare but so scattered they are difficult to bring together in useful quantities. Concern about continued access to them has been a focus of recent negotiations between China and the U.S., and led the Trump administration to try to encourage more production domestically. "We would intend to mine it here in Wyoming, process it here in Wyoming and sell it to domestic customers including the government," Ramaco CEO Randall Atkins said Thursday. Former West Virginia Sen. Joe Manchin, a Democrat who left office in January after not seeking reelection, joined the Ramaco board in April. The new Brook Mine, though relatively small, offers a glimmer of optimism for Wyoming's coal industry as potentially the state's first new coal mine in 50 years. Massive, open-pit mines east of the Brook Mine supply around 40% of the nation's coal but Wyoming coal mining has shrunk substantially since its peak over a decade ago, as utilities switch to renewable energy and power plants fueled by cheaper natural gas. "Wyoming is moving to meet growing energy demands here at home and internationally - with the recognition that coal - Wyoming coal - is essential to healthy energy portfolios," Gordon, a Republican, said in a statement after the Brook Mine event. The Brook Mine has been in the works for over a decade, stalled in part by landowners worried about groundwater depletion. Atkins originally envisioned it as a source of subbituminous power plant fuel like the state's other coal mines. A public company with metallurgical coal mines in Appalachia, Ramaco in recent years received Department of Energy grants to develop coal into carbon-based products such as carbon fiber. This year, it got a $6.1 million grant from Wyoming to build a rare earth and critical minerals processing plant. A consultant report released this week found that fully developing the mine and processing plant to extract rare earths would cost $533 million, a sum that could be recovered in five years if the elements in the coal prove profitable. Ramaco also would sell the processed coal as fuel, Atkins said. Analysis by U.S. national laboratories show the Brook Mine coal contains valuable quantities of the rare earths neodymium, praseodymium, dysprosium and terbium, as well as the critical minerals gallium, scandium and germanium, according to a Ramaco letter to shareholders on July 1. Neodymium and dysprosium are used in the permanent magnets of wind turbines, lanthanum in electric and hybrid car batteries. Yttrium and terbium have critical military uses, including in targeting devices.
Yahoo
02-07-2025
- Business
- Yahoo
Wyoming rare earth mining facility to be first to open in over 70 years
The U.S. Secretary of Energy and other elected officials are preparing to travel to Wyoming for the opening of the first new coal mine in the state in more than five decades. The ribbon cutting for the Brook Mine Carbon Ore Rare Earth project will be on July 11. National and state leaders are expected to speak at the event in Ranchester. "It will be the first new rare earth mine in the United States in more than 70 years and the first new coal mine in Wyoming in over 50 years," Ramaco Resources, Inc. said in a press release. "This is more than a ribbon cutting — it's a declaration of America's resolve to reclaim its leadership in critical minerals and energy independence," Randall W. Atkins, Chairman and Chief Executive of Ramaco Resources, said in a statement. Republicans Move To Revive Trump's 'Beautiful Clean Coal Industry' After Biden Shut It Down "We are proud that Ramaco will be developing the first new mine to lead the United States in creating a viable domestic supply line of strategic rare earths and critical minerals," he continued. Read On The Fox Business App Ramaco Resources says the Brook mine project will help the U.S. reduce its "foreign reliance on critical minerals essential to defense, technology, and clean energy." Anti-woke Lawsuit May Unintentionally Threaten Trump's Coal Revival Agenda The company has operations in West Virginia, Virginia and Wyoming. Its executive offices are in Lexington, Kentucky. Energy Secretary Chris Wright's office did not immediately respond to a FOX Business inquiry. "Wyoming continues to be a leader in energy innovation, including the expansion of our critical mineral industries," Gov. Mark Gordon said in a statement. "With support from the Energy Matching Funds Program, we are celebrating the exciting potential for Wyoming coal and rare earth minerals, along with their role in the expansion of our state's energy economy," he article source: Wyoming rare earth mining facility to be first to open in over 70 years
Yahoo
01-07-2025
- Business
- Yahoo
Ramaco to Host U.S. Secretary of Energy, Top Elected Officials for Historic Ribbon Cutting Ceremony for Nation's First Rare Earth Mine in Decades
The Brook Mine will also be first new coal mine in Wyoming in over 50 years RANCHESTER, Wyo., July 1, 2025 /PRNewswire/ -- Ramaco Resources, Inc. (NASDAQ: METC, METCB, "Ramaco" or the "Company") and Ramaco Rare Earth, LLC will host a landmark ribbon cutting and groundbreaking ceremony on Friday, July 11, to commemorate the opening of the Brook Mine Carbon Ore Rare Earth project. It will be the first new rare earth mine in the United States in more than 70 years and first new coal mine in Wyoming in over 50 years. The event, themed "American Independence: A Rare Earth Revolution," will take place at Ramaco's iCAM Technology Center in Ranchester, Wyoming, and is scheduled to feature remarks from national and state leaders. This includes U.S. Secretary of Energy Chris Wright, Wyoming Governor Mark Gordon, U.S. Senators John Barrasso and Cynthia Lummis, U.S. Representative Harriet Hageman and former U.S. Senator and Ramaco Board member Joe Manchin. "This is more than a ribbon cutting — it's a declaration of America's resolve to reclaim its leadership in critical minerals and energy independence," said Randall W. Atkins, Chairman and Chief Executive of Ramaco Resources. "We are proud that Ramaco will be developing the first new mine to lead the United States in creating a viable domestic supply line of strategic rare earths and critical minerals. " Atkins continued, "The magnitude of our deposit is such that the Brook Mine will be able to supply a substantial portion of the critical supply needed for our country for many decades to come. We have been able to find these critical materials associated with coal, an abundant resource that indeed the United States possesses the world's largest supply. This demonstrates that coal will continue to play a vital role in supplying our nation's critical minerals as well as energy requirements. China may now be dominating these critical materials. But this will be America's rare earth mine." Senator John Barrasso stated: "For generations, the people of Wyoming have harnessed our coal resources for the benefit of America. Thanks to groundbreaking research in Wyoming, we now know this coal is a new source of critical, rare-earth minerals. This exciting development will allow Ramaco to open the first rare earths mine in the United States in decades. Mining our own minerals will help safely and securely power the advanced technologies driving our economy and national defense. And once again, Wyoming's energy resources are leading the way." Senator Cynthia Lummis stated: "Wyoming does not follow energy trends, it creates them. Ramaco's decision to open the first rare earths mine in decades marks a new chapter in Wyoming's rich mining heritage and will produce resources needed to achieve energy independence and grow our economy. Wyoming continues to fuel American progress while creating high-paying jobs for our communities, and I thank Ramaco for investing in Wyoming." Governor Mark Gordon stated: "Wyoming continues to be a leader in energy innovation, including the expansion of our critical mineral industries. With support from the Energy Matching Funds Program, we are celebrating the exciting potential for Wyoming coal and rare earth minerals, along with their role in the expansion of our state's energy economy." The Brook Mine project represents a strategic milestone in the nation's efforts to reduce foreign reliance on critical minerals essential to defense, technology, and clean energy. Coal miners, community leaders, industry stakeholders, and local, state, federal officials will be in attendance at the ribbon cutting event, which is also open to the press. For more details or registration information for the groundbreaking please email info@ ABOUT RAMACO RESOURCES Ramaco Resources, Inc. is an operator and developer of high-quality, low-cost metallurgical coal in southern West Virginia, and southwestern Virginia and a developing producer of coal, rare earth and critical minerals in Wyoming. Its executive offices are in Lexington, Kentucky, with operational offices in Charleston, West Virginia and Sheridan, Wyoming. The Company currently has four active metallurgical coal mining complexes in Central Appalachia and one development rare earth and coal mine near Sheridan, Wyoming in the initial stages of production. In 2023, the Company announced that a major deposit of primary magnetic rare earths and critical minerals was discovered at its mine near Sheridan, Wyoming. Contiguous to the Wyoming mine, the Company operates a carbon research and pilot facility related to the production of advanced carbon products and materials from coal. In connection with these activities, it holds a body of roughly 76 intellectual property patents, pending applications, exclusive licensing agreements and various trademarks. News and additional information about Ramaco Resources, including filings with the Securities and Exchange Commission, are available at For more information, contact investor relations at (859) 244-7455. View original content to download multimedia: SOURCE Ramaco Resources, Inc.
Business Mayor
14-05-2025
- Business
- Business Mayor
How this coal company could help break U.S. dependence on China for rare earths
FILE PHOTO: Coal moves on an overland belt from inside the newly opened Ramaco Resources Inc. Stonecoal Alma mine near Wylo, West Virginia, U.S., on Tuesday, Aug. 8, 2017. Andrew Harrer | Bloomberg | Getty Images A small coal miner headquartered in Kentucky could play an important role in helping the U.S. break its dependence on China for rare earth elements that are crucial for national defense. Ramaco Resources unexpectedly discovered in 2023 that a Wyoming coal mine it purchased for $2 million is sitting on top of a major trove of rare earth elements. The Brook Mine outside Sheridan is estimated to contain as much as 1.7 million tons of rare earth oxides, according to an analysis this month by the mining consultant Weir International. The discovery is potentially a major turn of fortunes for Ramaco, a relatively small company with a market cap of $571 million that mines coal in West Virginia and Virginia for steel production. It could also help wean the U.S. off imports from China, a key priority of the Trump administration. The U.S. was almost entirely dependent on foreign countries for the roughly 10,000 metric tons of rare earths it consumed in 2023 with China representing 70% of the country's imports, according to the U.S. Geological Survey. Beijing imposed controls in April on exports of seven rare earth elements to the U.S retaliation for President Donald Trump's tariffs. Those rare earths are critical for weapons like the F-35 warplane, which contains more than 900 pounds of them, according to the Defense Department. The Brook Mine 'has the potential to help address what is an acute national strategic supply shortfall of precisely the rare earths and critical minerals which we happen to possess,' CEO Randall Atkins told analysts on the company's first-quarter earnings call Monday. 'From a national security standpoint, we will never need to ship our ores to China or any other country for processing.' Only one rare earth mining and processing facility is operational in the U.S. at Mountain Pass, California. Ramaco's Brook Mine would be the first new rare earth facility in the U.S. in more than seven decades. The facility could produce an estimated 1,400 metric tons annually, Atkins said. Ambitious timeline Ramaco aims to begin large-scale coal production at Brook Mine in June and start construction on a pilot plant for rare earths this summer, Atkins said. 'In simple terms, the coal sales will help us lower the overall cost of the rare earth mining so that we will have an extremely low mine cost basis in the critical minerals,' the CEO said. The pilot plant is expected to start operating in 2026 and run for roughly a year in order to figure out the design of the full commercial facility, Atkins said. Ramaco plans to start construction on the commercial facility as soon as late 2026 with refining and processing to start in 2028, he said. It is unclear how much the project will cost and whether Ramaco can shoulder the burden alone. Fluor , an engineering firm, is delivering an estimate in June of the capital spending needed for the project and its economics, Atkins said. Read More Microwaves advance solar-cell production and recycling Stock chart icon Ramaco stock performance Ramaco's stock has pulled back 11% this year as its metallurgical coal business is under pressure due to overproduction by China. The miner posted a loss of $9.5 million in the first quarter, compared with a profit of $2 million in the same-period in 2024. It generated revenue of around $666 million last year. 'They have solid liquidity, solid access to liquidity,' said Nick Giles, analyst at B. Riley Securities, one of three Wall Street firms that covers Ramaco. 'I don't think the weakness in the [metallurgical coal] markets is going to spoil the party here in rare earths,' he said. Federal support Ramaco is not looking for a joint venture with another company to help finance Brook Mine, Atkins said. 'We view this project as one that Ramaco is going to be able to finance on their own,' the CEO said. 'There really aren't any other third parties out there that are in the rare earth business in the United States that are really operating.' Ramaco is interested in pursuing federal support for the project, Atkins said. The company is in contact with Trump's National Energy Dominance Council about Brook Mine, the CEO said. Once the financial dimensions of the project are clear, Ramaco intends to look into potential federal financing, procurement or relationships with the Defense Department, he said. Mountain Pass owner MP Materials , for example, received $35 million from the Pentagon in 2022 to build a facility to process rare earth elements. Interior Secretary Doug Burgum said last month that the Trump administration is considering making an 'equity investment in each of these companies that's taking on China in critical minerals.' Burgum said China dumps minerals on the global market to depress prices and undercut U.S. companies. 'You're competing against state capital because China is picking these strategically as areas that they want to invest in,' Burgum at a conference in Oklahoma City. Ramaco plans to hold a ribbon-cutting ceremony at Brook Mine in July. Senior officials from the federal government be attending, Atkins said.
CNBC
13-05-2025
- Business
- CNBC
How this coal company could help break U.S. dependence on China for rare earths
A small coal miner headquartered in Kentucky could play an important role in helping the U.S. break its dependence on China for rare earth elements that are crucial for national defense. Ramaco Resources unexpectedly discovered in 2023 that a Wyoming coal mine it purchased for $2 million is sitting on top of a major trove of rare earth elements. The Brook Mine outside Sheridan is estimated to contain as much as 1.7 million tons of rare earth oxides, according to an analysis this month by the mining consultant Weir International. The discovery is potentially a major turn of fortunes for Ramaco, a relatively small company with a market cap of $571 million that mines coal in West Virginia and Virginia for steel production. It could also help wean the U.S. off imports from China, a key priority of the Trump administration. The U.S. was almost entirely dependent on foreign countries for the roughly 10,000 metric tons of rare earths it consumed in 2023 with China representing 70% of the country's imports, according to the U.S. Geological Survey. Beijing imposed controls in April on exports of seven rare earth elements to the U.S retaliation for President Donald Trump's tariffs. Those rare earths are critical for weapons like the F-35 warplane, which contains more than 900 pounds of them, according to the Defense Department. The Brook Mine "has the potential to help address what is an acute national strategic supply shortfall of precisely the rare earths and critical minerals which we happen to possess," CEO Randall Atkins told analysts on the company's first-quarter earnings call Monday. "From a national security standpoint, we will never need to ship our ores to China or any other country for processing." Only one rare earth mining and processing facility is operational in the U.S. at Mountain Pass, California. Ramaco's Brook Mine would be the first new rare earth facility in the U.S. in more than seven decades. The facility could produce an estimated 1,400 metric tons annually, Atkins said. Ramaco aims to begin large-scale coal production at Brook Mine in June and start construction on a pilot plant for rare earths this summer, Atkins said. "In simple terms, the coal sales will help us lower the overall cost of the rare earth mining so that we will have an extremely low mine cost basis in the critical minerals," the CEO said. The pilot plant is expected to start operating in 2026 and run for roughly a year in order to figure out the design of the full commercial facility, Atkins said. Ramaco plans to start construction on the commercial facility as soon as late 2026 with refining and processing to start in 2028, he said. It is unclear how much the project will cost and whether Ramaco can shoulder the burden alone. Fluor, an engineering firm, is delivering an estimate in June of the capital spending needed for the project and its economics, Atkins said. Ramaco's stock has pulled back 11% this year as its metallurgical coal business is under pressure due to overproduction by China. The miner posted a loss of $9.5 million in the first quarter, compared with a profit of $2 million in the same-period in 2024. It generated revenue of around $666 million last year. "They have solid liquidity, solid access to liquidity," said Nick Giles, analyst at B. Riley Securities, one of three Wall Street firms that covers Ramaco. "I don't think the weakness in the [metallurgical coal] markets is going to spoil the party here in rare earths," he said. Ramaco is not looking for a joint venture with another company to help finance Brook Mine, Atkins said. "We view this project as one that Ramaco is going to be able to finance on their own," the CEO said. "There really aren't any other third parties out there that are in the rare earth business in the United States that are really operating." Ramaco is interested in pursuing federal support for the project, Atkins said. The company is in contact with Trump's National Energy Dominance Council about Brook Mine, the CEO said. Once the financial dimensions of the project are clear, Ramaco intends to look into potential federal financing, procurement or relationships with the Defense Department, he said. Mountain Pass owner MP Materials, for example, received $35 million from the Pentagon in 2022 to build a facility to process rare earth elements. Interior Secretary Doug Burgum said last month that the Trump administration is considering making an "equity investment in each of these companies that's taking on China in critical minerals." Burgum said China dumps minerals on the global market to depress prices and undercut U.S. companies. "You're competing against state capital because China is picking these strategically as areas that they want to invest in," Burgum at a conference in Oklahoma City. Ramaco plans to hold a ribbon-cutting ceremony at Brook Mine in July. Senior officials from the federal government be attending, Atkins said.
