Wyoming discovered rare earth deposits [1]. There is terrific news for the American industry, economy, and international trade sectors. This discovery could restructure the global supply chain because of these crucial elements.
Quantity
Miners outside of Sheridan, Wyoming, discovered 2.34 billion metric tons of rare earth elements (REEs). The reserves are estimated to be bigger than China’s current reserves. This implies that this single find could end America’s dependance on Chinese exports.
The U.S. uses about 8,300 metric tons of these vital elements annually. The Brook Mine in Wyoming is believed to have reserves totaling 1.2 million metric tons, making America the world’s largest processor of some of the most in-demand REEs.
The mine is rich in two of the most sought-after rare earth elements – neodymium and praseodymium oxides. Rare earth minerals are necessary for many industries, such as computer chips, wind turbines, electric vehicle batteries, monitors, digital cameras, and defense. Being self-sufficient in these metals could significantly impact the country’s economy.
China’s Lead
Nations are urged to be careful with their alliances. China leads the world production for these metals. Why? They have cheap labor and abundant, locally available raw materials. If international buyers find other sellers of REEs, like the United States, China’s exports will diminish. The reserve discovered in Wyoming’s mine is estimated to be worth around $37 billion. This could impact the Chinese economy.
American Impact
If all is as they say, America could witness a resurgence in its industrial manufacturing sector. This could significantly boost the nation’s economy. A strong manufacturing sector means more employment and further investment in R&D. Without the cost of imports, raw materials may become available at competitive, if not cheaper, rates. Jobs leaving the country could turn around.
Notes:
- ^ {Wyoming’s Rare Earth Breaks China Dependency} (go back ↩)
