Discovery of 2 billion tons of rare Earth minerals in the US could make it a global leader
- The US has discovered 2 billion tons of rare Earth minerals
- These minerals are essential for technology like phones and cars
- This could reduce reliance on China and boost the US economy
Published on Nov 18, 2024 at 10:02 AM (UTC+4)
by Daksh Chaudhary
Last updated on Nov 18, 2024 at 10:02 AM (UTC+4)
Edited by
Kate Bain
The US could become the world leader in minerals after two billion tons of rare Earth minerals were discovered in Wyoming.
These minerals are crucial to building the things we use in everyday life, like smartphones, hybrid cars, and even light bulbs.
As of now, the US imports around 74 percent of its minerals, while China dominates with 95 percent of global mineral production.
But with this exceptional find, things could change very soon.
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Rare Earth Mineral found in the US
The company behind the discovery of 2 billion tons of Earth minerals is the American Rare Earths, which started drilling in March 2023.
At first, the estimated discovery was calculated at somewhere around 1.2 million metric tons, but they uncovered 64 percent more than they expected.
And the amazing part? They’ve only explored 25 percent of the land so far.
Some of the rare minerals found include neodymium, praseodymium, samarium, and terbium, which are crucial in manufacturing advanced technology like aircraft and electric vehicles.
Currently, the US is dependent on China for most of these minerals, but soon, the country might become self-dependent and boost its manufacturing on its own.
The discovery reminds us of a similar one made in Japan some time back, where they found 230 million tons of rare minerals in the Pacific Ocean.
This gave Japan a huge advantage in securing resources for its industries.
Even more minerals could be found at the site
Don Schwartz, the CEO of American Rare Earths said that usually, drilling finds less material over time.
However, in this case, the opposite happened.
The more they drilled, the more they found.
Another US company, Ramaco Resources, also reported finding rare minerals worth $37 billion near Sheridan, Wyoming.
But, American Rare Earths believes its discovery was even larger.
Could this be the breakthrough the country had been waiting for?
