Wyoming Strikes Gold: 2.34 Billion Tons Unearthed, Rattles China

2024-05-20

The U.S. could be about to break China’s dominance in the rare mineral industry after discovering a reported 2.34 billion tons of rare minerals in a site in Wyoming.

Groundbreaking Discoveries in Rare Earth Minerals

Image Credit: Shutterstock / Spitzi-Foto

American Rare Earths Inc. revealed a 64% increase from its original estimate of rare minerals found in Wheatland, Wyoming. 

China Dominates Market

Image Credit: Shutterstock / humphery

China provides 95% of the world’s supply of rare minerals, showing its clear dominance in the market.

U.S. Seeks Opportunity

Image Credit: Shutterstock / Studio Romantic

The U.S. gets 74% of its rare mineral supply from China, which has recently announced a ban on extracting minerals from the Earth, further monopolizing the market.

Wyoming’s Potential as America’s Answer

Image Credit: Shutterstock / Ingo70

Wyoming has now been hailed as a potential solution to break China’s dominance in the market after a contemporary gold rush in the area.

The Race for Dominance is on

Image Credit: Shutterstock / fukomuffin

“China is driven to maintain its market dominance… This is now a race,” claimed the CEO of American Rare Earths, Don Swartz.

American Rare Earths Inc.’s Strategic Land Acquisition

Image Credit: Shutterstock / Ralf Liebhold

American Rare Earths Inc. wants to buy huge areas of land in Wheatland, Wyoming after the discovery surpassed all expectations.

Surpassing Competitors in Mineral Estimates

Image Credit: Shutterstock / fizkes

One company estimated there would be around 1.2 billion metric tons of precious minerals in Wyoming. However, this figure has been proved wrong.

Exceeding Expectations in Wheatland

Image Credit: Shutterstock / Tudoran Andrei

After significant research from American Rare Earth Inc., it was announced that a total of 2.34 billion metric tons could be extracted from Wheatland.

64% Increase Since First Estimate

Image Credit: Shutterstock / Parilov

Since the first drilling in March 2023 that created the initial estimate, companies have seen a 64% increase in the potential amount of minerals.

CEO’s Enthusiastic Reaction to Discoveries

Image Credit: Shutterstock / pan demin

CEO Donald Swartz expressed excitement, stating that the findings “exceeded our wildest dreams” while only 25% of the property had been drilled.

Consumer Demand Fuels Rare Earth Mineral Boom

Image Credit: Shutterstock / Markopolo

This discovery could have come at the best time in history after a huge rise in consumer demand for magnet metals that drive the production of wind turbines and electric vehicles.

An Unorthodox Discovery

Image Credit: Shutterstock / RachenStocker

Swartz said in an interview that usually, the minerals would start to decrease at this point in the drilling process, but that’s not the case for Wheatland, Wyoming.

A Long Way To Go

Image Credit: Shutterstock / Zivica Kerkez

“Typically, you’ll see the resource decrease as infill drilling takes place – instead, we’re seeing the opposite, with only 25% of the project being drilled to this point,” noted Swartz.

Benefits for the Job Market

Image Credit: Shutterstock / industryviews

Another benefit to the discovery is the potential for a huge workforce, adding a number of jobs to the local community to help dig out the enormous load.

30 Years of Sustainability

Image Credit: Shutterstock / industryviews

If American Rare Earth’s estimates are correct, these jobs could be sustained at least for the next 30 years while adding huge income to Wyoming and America.

Record January for Jobs

Image Credit: Shutterstock / Fit Ztudio

The U.S. has already seen a record month in January, where over 300,000 jobs were added to the market across the nation, meaning it could only get better.

Challenges in Market Readiness

Image Credit: Shutterstock / Scharfsinn

While worldwide demand stands at 60,000 tons annually, Swartz questions if the market can absorb substantial material from a large mine.

Too Much for the Market?

Image Credit: Shutterstock / I. Noyan Yilmaz

“If you build a really big mine, can the market take all of that material?” Swartz asked, “We’re trying to make something that’s modular and scalable, that can grow in the market over time,”

A Positive Future

Image Credit: Shutterstock / SasinTipchai

After China’s dominance in the mineral market and America’s ambition of distancing its reliance on the nation’s trade, this could be the jackpot that the U.S. needed for an economic boost.

23 Steep Taxes Adding to California Residents’ Burden

Image Credit: Shutterstock / Alex Millauer

California: a place of sunshine, innovation, and, unfortunately, some of the nation’s highest taxes. From LA’s beaches to Silicon Valley’s tech hubs, residents grapple with a maze of state taxes. Here’s a glance at 23 taxes that might surprise both Californians and outsiders. 23 Steep Taxes Adding to California Residents’ Burden

Cash in on Nostalgia: 21 Toys Now Worth a Fortune

Image Credit: Shutterstock / Kostikova Natalia

Time to dust off the boxes and find that once-cherished toy from your childhood. For collectors and enthusiasts, they items have become valued objects and they can be worth big bucks – are there any of these in your attic? Cash in on Nostalgia: 21 Toys Now Worth a Fortune

Millennials Don’t Buy These 19 Products Anymore

Image Credit: Shutterstock / mariakray

Millennials are changing consumer habits, quietly replacing once-staple products and traditions. Often criticized for their disruptive preferences, this generation is reshaping the marketplace with digital expertise, ethical buying, and a taste for the unconventional. Millennials Don’t Buy These 19 Products Anymore

10 Reasons Firearms Are Essential to America’s Fabric

Image Credit: Shutterstock / rblfmr

Americans’ strong attachment to guns is influenced by constitutional rights, historical context, and cultural traditions. This article explores the cultural perspective driving their unwavering support for gun ownership, revealing the key factors shaping this enduring aspect of American life. 10 Reasons Firearms Are Essential to America’s Fabric

California’s 16 New Laws Raise Red Flags for Prospective Residents

Image Credit: Shutterstock / PeopleImages.com – Yuri A

California, celebrated for its beaches, tech prowess, and diversity, is now gaining attention for its recent legislation, prompting some residents to reconsider their residency. Explore the new laws of 2024 and the controversies and migration they’re stirring. California’s 16 New Laws Raise Red Flags for Prospective Residents

The post Wyoming Strikes Gold: 2.34 Billion Tons Unearthed, Rattles China first appeared on Thrift My Life.

Featured Image Credit: Shutterstock / Jim Parkin.

The content of this article is for informational purposes only and does not constitute or replace professional financial advice.