A coal mine in Wyoming in the US could be valued at as much as $37bn after two more rare minerals were discovered there.
Ramaco Resources said the latest discoveries add even more value to the site, which the company says already boasts one of the largest deposits of rare-earth elements in the US.
The metallurgical coal producer is surveying the mine for rare-earth elements used in magnets, said it also contains gallium and germanium, two minerals that China recently put export controls on.
Ramaco CEO Randall Atkins told reporters that the site contains “a rather valuable basket of elements”.
China announced restrictions on gallium – a mineral used in semiconductors and military radar systems – and germanium – used in communication, night-vision goggles and space exploration – in July as part of a trade war on technology with the US and Europe.
Atkins said that Ramaco has been in contact with the US Defense Department about its discovery.
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By GlobalData
However, no time frame has been put on when production or processing of the rare-earth elements will start, and it could take 12 to 24 months for Ramaco to analyse how it will even extract the minerals, Atkins said.
The production of gallium metal is often connected with bauxite processing to aluminium. The majority – around 80% – comes from China.
