The US could soon surpass China as the world leader in rare earth minerals after more than 2.34 billion metric tons were discovered in Wyoming.
American Rare Earths Inc announced that the reserves near Wheatland dramatically surpass the Asian nation’s 44 million metric tons, saying it ‘exceeded our wildest dreams’ after drilling only about 25 percent of the property.
The company has a stake in 367 mining claims across 6,320 acres of land in the Halleck Creek Project, along with four Wyoming mineral leases on 1,844 acres on the same project now called Cowboy State Mine.
The types of minerals at the site are used in smartphones, hybrid car motors and military technologies – among others.