New Rare Earth Discovery in Wyoming Could Help US Challenge China’s Manufacturing Dominance
November 14, 2024 — A significant discovery of rare earth minerals in Wyoming is sparking optimism for the US manufacturing industry, as it could begin to close the gap between the US and China in rare earth production. China currently dominates global manufacturing, holding over 31% of the market and producing 95% of all rare earth minerals—critical resources for modern technology. In contrast, the United States imports about 74% of its minerals and controls only 15% of the global manufacturing sector.
American Rare Earths, the company behind the discovery, has unearthed high-value minerals including neodymium, praseodymium, samarium, dysprosium, and terbium. These minerals are essential components in everything from smartphones to hybrid cars, aircraft, and even common household light bulbs. With only 25% of their Wyoming project drilled, the potential for more discoveries is considerable.
The discovery comes at a time when the US is seeking to reduce its reliance on imported minerals. In December 2023, a ban on rare earth extraction was imposed, motivating companies like American Rare Earths to explore new reserves domestically. Since beginning their project in March 2023, the company estimates that the Wyoming site holds approximately 1.2 million metric tons of rare earth minerals.
CEO Don Schwartz highlighted the extraordinary scale of the discovery: “These results are illustrative of the enormous potential of the project. Our resource grew by 64 percent during our developmental drilling campaign, with measured and indicated resources increasing by 128 percent.” Schwartz added that, unlike typical mining projects where yields may decrease with further drilling, this project has shown an increase, with only a fraction of the site explored.
Additionally, Ramaco Resources, another Wyoming-based company, recently uncovered a rare earth deposit valued at around $37 billion. However, American Rare Earths remains confident in the scope and scale of its Wyoming discovery. Schwartz noted that while Ramaco’s estimates are impressive, American Rare Earths’ resources could surpass those by a “magnitude larger.”
If these discoveries continue to prove fruitful, they could give the US a substantial boost in global mineral production, strengthening its manufacturing sector and reducing dependence on foreign imports. This momentum could ultimately help the United States solidify its position as a competitive player on the global stage in rare earth resources—a critical factor in the race for technological and industrial self-sufficiency.
