METC - Ramaco Resources ups outlook for Brook Mine rare earth elements exploration

2023-08-07 08:38:40 ET

Ramaco Resources ( NASDAQ: METC ) said Monday the level of unconventional rare earth elements at its Brook Mine property in Wyoming has increased by nearly 50% compared to its initial target disclosed in May, according to analysts at mining consultancy Weir International.

Ramaco ( METC ) had announced in May that Brook Mine contains perhaps the largest unconventional deposit of rare earth elements discovered in the U.S., and is rich in magnetic REEs, which are used in applications that include advanced military technology, electric vehicles and more.

Ramaco ( METC ) said its board has approved the start of initial mine development to begin this fall, which would make Brook Mine the first new rare earth mine in the U.S. since the Mountain Pass mine in California.

Finally, the company said that working with the Department of Energy's Oak Ridge National Laboratory, it has jointly developed and patented technologies to commercialize two "potentially disruptive high-value carbon products" using use coal as their primary feedstock.

More on Ramaco Resources:

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• Analysis: Ramaco Resources: FCF Expected From Production Growth, And Undervalued
• Stock price return: Up 5.5% YTD, down 19.5% in the past 12 months

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