Ramaco Resources, Inc. (NASDAQ: METC, METCB) has been awarded a $6.1 million matching grant by the Wyoming Energy Authority, authorized by Governor Mark Gordon, PR Newswire reports.
The funding will support the development of a rare earth and critical minerals pilot processing facility as part of the Wyoming CORE (Carbon Ore Rare Earth) Brook Mine project.
The investment will be used to construct and equip the facility north of Sheridan, Wyoming, where Ramaco aims to advance rare earth and critical minerals processing. The project will be located adjacent to the company’s 16,000-acre Brook Mine property, which could become the first new rare earth mine to open in the United States since 1952.
“For over 15 years, Ramaco has proudly called Sheridan home and invested in the people and economy of Wyoming,” said Randall Atkins, Chairman and CEO of Ramaco Resources. “The discovery that Wyoming’s coal resources contain valuable rare earth and critical minerals positions the state as a key player in meeting national energy and security needs. We appreciate the support of Governor Gordon and the Wyoming Energy Authority in advancing this project, which will create jobs and drive economic growth.”
The Brook Mine is considered one of the world’s largest unconventional deposits of rare earth elements (REE) and critical minerals, according to the US Department of Energy’s National Energy Technology Laboratory. Ramaco seeks to extract these valuable materials from coal and carbonaceous ore deposits at the site.
The Wyoming Energy Authority’s grant will help fund the design, construction, and equipping of an enclosed facility using advanced processing technologies to produce mixed rare earth oxides and other critical minerals. Construction is set to begin in the fall of 2025, with plans to implement energy-efficient beneficiation and hydrometallurgy techniques.
Ramaco Resources is a producer of metallurgical coal and a developing supplier of rare earth elements and critical minerals. The company operates in West Virginia, Virginia, and Wyoming, with a research and pilot facility dedicated to advanced carbon product development. More information can be found at Ramaco Resources.
