A former Wall Street banker made a surprising discovery after purchasing a coal mine for £1.5 million. Randall Atkins expected a modest return on his investment when he acquired the old Wyoming coal mine for $2 million. However, an assessment by government-affiliated researchers revealed a significant reserve of rare-earth elements (REE) worth an estimated $37 billion (£28 billion) in the US mine.

In May 2023, it was disclosed that the Brook Mine housed various rare-earth metals crucial for technologies like wind turbines and electric cars, including neodymium, dysprosium, terbium, and praseodymium. Additionally, gallium and germanium, essential for semiconductors and missile systems, were also found in the mine. This discovery presented a lucrative opportunity for Randall’s company, Ramaco Resources, which had previously focused on coal mining for steel production.

During the grand opening of the mine in November 2025, Randall expressed excitement about the rare-earth deposits, stating that they could potentially supply the country for over 100 years. He claimed that they may possess the largest unconventional rare-earth deposit in North America.

Rare-earth elements are critical minerals used in defense, automotive, and electronics industries. The US is actively seeking to secure its rare-earth sources to reduce reliance on China, the world’s largest producer of these minerals. China’s dominance in rare-earth production has led to concerns about global trade dynamics and supply chain security.

In related news, an Australian rare earths miner, Lynas Rare Earths, has entered a substantial deal worth $137 million (£103 million) with the US Department of War. This agreement will see the US purchasing light and heavy rare earth oxide products from Lynas Rare Earths, ensuring access to essential materials for modern manufacturing.

The demand for rare earths continues to rise globally, with countries striving to secure their supply chains and reduce dependence on dominant producers like China. Randall’s successful venture into the rare-earth market highlights the strategic importance of securing diverse sources of critical minerals to meet future industrial needs.