Highlights

• Fluor Corporation validates commercial feasibility of Ramaco's Wyoming Brook Mine rare earth project.
• Project features a $1.2B pre-tax NPV and 38% IRR.
• Unique coal-based deposit set to produce 1,242 short tons of rare earth oxides annually.
• Low-risk processing with minimal radioactive waste generation.
• Positioned to supply up to 5% of U.S. magnet demand.
• Able to meet over 30% of defense-related rare earth requirements.
• 42-year projected mine life.

Ramaco Resources (opens in a new tab) has cleared a major hurdle in its mission to become a critical player in America’s rare earth supply chain. In a July 1 press release (opens in a new tab), the company announced that Fluor Corporation has validated the commercial and technical feasibility of the Brook Mine rare earth elements (REE) project in Wyoming. A full Preliminary Economic Assessment (PEA) is due July 8, but summary findings already confirm the project’s long-term potential.

Fluor’s initial figures are striking: a pre-tax Net Present Value (NPV) of $1.2 billion at an 8% discount rate and an Internal Rate of Return (IRR) of 38%. Capital costs are estimated at $473 million, with projected annual revenue hitting $378 million. By 2028–2029, EBITDA could exceed $140 million per year.

Ramaco’s Brook Mine is believed to be the largest unconventional U.S. deposit of rare earths sourced from coal-based materials. The company plans to produce 1,242 short tons annually of rare earth oxides, including high-demand elements such as neodymium, praseodymium, dysprosium, and terbium, as well as critical minerals like gallium, germanium, and scandium. Notably, the mine’s soft clay and carbonaceous geology enable simpler, lower-risk processing with negligible radioactive waste, unlike its hard rock counterparts.

Bench-scale tests demonstrated REE leach extraction rates of nearly 90%, and combined REE/critical mineral extraction rates in the mid-80% range. Ramaco and Fluor have co-developed a proprietary flowsheet incorporating comminution, separation, and calcination steps. Initial mining has begun to support a pilot facility slated for mid-2026, which will produce commercial-grade samples and refine production methods.

The projected mine life is 42 years, less than 4% of the permitted area’s estimated mineral resource. Over 11,500 additional acres remain for future exploration, underscoring the long-term scalability of the project.

CEO Randall Atkins hailed the Fluor endorsement as a “landmark moment,” emphasizing Brook Mine’s role in reshoring critical materials for defense and green tech. Ramaco expects to supply up to 5% of total U.S. magnet demand and over 30% of defense-related demand.

A shareholder letter detailing the project’s economics is available on Ramaco’s website. From its coal roots, Ramaco is now positioning itself as a vertically integrated materials firm at the frontlines of U.S. rare earth independence.