Ramaco's Wyoming Rare Earth Project Shows $1.2B NPV, First US Mine in 70 Years

Published: Jun 4, 2026 18:16

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[SMM Rare Earth News Flash] The preliminary economic assessment of Ramaco Resources' Brook rare earth project in Wyoming showed that at an 8% discount rate, the after-tax net present value was approximately $1.2 billion, with an internal rate of return of 38%, initial capital costs of $473 million, and a payback period of approximately 5 years. The mine had a designed life of 42 years and was expected to produce 1,000 mt of total rare earth oxides annually. The project is the first new rare earth-critical minerals mine built in the US in seventy years, and construction of mining and pilot facilities is currently underway. The Phase 1 SRC processing facility of REalloys is expected to commence operations by the end of 2026 or early 2027, with a designed annual capacity of 525 mt of Pr-Nd alloy, 25 mt of dysprosium metal, and 12 mt of terbium metal.

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