Buys a coal mine for $2 million and stumbles upon metals worth up to $36 billion

What began as a modest investment in the heart of the United States has ended in one of the most spectacular discoveries in the mining sector in decades. Randall Atkins, a former banker turned entrepreneur, acquired a coal mine in Wyoming for around $2 million. But what he found there wasn’t coal, but a hidden treasure: a massive deposit of rare metals valued at over $36 billion.

The discovery includes elements such as neodymium, dysprosium, and terbium—essential for manufacturing electric cars, wind turbines, missiles, and cutting-edge technology. All of this comes at a time of heightened geopolitical tension in the race for strategic raw materials, a field that China has dominated until now.

Wyoming, a state traditionally associated with coal, could regain its spotlight thanks to this discovery. According to Ramaco Resources, the company led by Atkins, this is the first discovery of its kind on US soil since 1952. “We never imagined we’d find something like this,” the investor admitted to various US media outlets. What started as a bold move has turned into a potential gold mine—or rather, a rare earth mine.

The global playing field shifts

The significance of the discovery goes beyond economics. China currently controls about 90% of the global rare earth market, making any alternative source a strategic asset. The metals found in Wyoming could help the US reduce its dependence and gain autonomy in key sectors, such as renewable energy and defense.

Rare earth elements aren’t exactly “rare” because of their scarcity but because of the difficulty in extracting and processing them without high costs or environmental impact. However, demand for them is soaring. Electric motors, high-performance magnets, batteries, airplanes—they all depend on these elements. Ramaco Resources, once a coal-focused company, now leads a high-value-added sector. If it can overcome the technical and environmental challenges—rare earth extraction is complex and potentially polluting—it could position the US as a major player in the 21st-century gold rush.

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