Eureka! Ex-Banker Bought Wyoming Mine for $2m, Now Worth $37b-Packed with Unconventional Rare Earth Elements

Hightlights

• Former banker Randall Atkins bought a Wyoming mine for $2 million, now worth $37 billion.
• The mine holds valuable rare earth elements, crucial for modern tech.
• The site’s transformation underscores the global importance of rare earth elements.

Rare Earth Exchanges was founded to chronicle the dynamic reconfiguration of the global rare earths value chain, from prospecting and extraction to processing and production and the new economy sectors driving demand. A sort of gold rush now unfolds given western governments’ mandates to move rare earth industry activity out of China and back into friendlier supply chains. Those that make the correct bet will become rich.

Take former Wall Street banker Randall Atkins and his bold move in 2011. Buying an old coal mine just outside of Sheridan, Wyoming for approximately $2 million—without even looking at the property first! Seeking perhaps some adventure and a living profit, what happened next was nothing ordinary.

The Discovery

Reported in the Wall Street Journal in November 2023, Atkins and his Brook Mine, it turns out, contain one of the biggest, most valuable unconventional rare-earth deposits in the United States. Purportedly worth a staggering $37 billion, this gargantuan amount was validated by government testing that verified the presence of notable rare earth elements. Of course, he and his company must execute to realize the wealth.

As reported late last year, rare-earth minerals such as gallium and germanium, which are vital in the production of superconductors and are also needed to power electric vehicles and offshore wind turbines, end up extractable via Atkins’ venture known as Ramaco Resources (opens in a new tab).

About Randall Atkins

Not knowing the difference between a rare earth and a rare coin, Mr. Atkins is now a very wealthy man. From Kentucky, Atkins, worked in both energy and banking and brings a healthy, holistic perspective to his business and life, considering the overall good he hopes his operations can bring to American society.

The Market

With stock priced at 11.22 the market capitalization equals $585.671 million. Shorts represent 13.52% of the float. A short interest above 10% of the float is considered elevated and could reflect increasing bearish sentiment.

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