A former Wall Street banker who purchased a Wyoming coal mine for £1.5 million has discovered it contains rare earth elements worth an estimated £28 billion. Randall Atkins bought the Brook Mine without inspecting it, expecting only modest returns, but government researchers later identified one of the largest rare earth deposits in the United States.
The mine holds valuable metals including neodymium, dysprosium, terbium and praseodymium, essential for wind turbines and electric cars. Gallium and germanium, critical for semiconductors and missile systems, were also found. Atkins admitted he 'didn’t know the difference between rare earths and rare coins' when he made the purchase.
Speaking at the mine's grand opening in November 2025, Atkins claimed the deposit could supply the US for over a century. His company, Ramaco Resources, had previously focused on coal for steel production. The discovery comes as the US seeks to reduce reliance on China, which produces 60% of the world's rare earths and processes nearly 90%.
However, the mine has faced criticism from a New York investor watchdog group, which accused it of fraud. Atkins dismissed the claims, suggesting the group was manipulated by a short-selling firm. Separately, an Australian rare earths miner, Lynas, has secured a $137 million deal with the US Department of Defense to supply rare earth oxides for defence manufacturing.
