[SMM Analysis] A large amount of rare earth mineral deposits were discovered in Wyoming

U.S. Rare Earth Corporation disclosed in a technical report on Wednesday that it had discovered 64% more rare earth minerals than originally thought.

Donald Swartz, CEO of U.S. Rare Earth Ltd., detailed in the interview the significant increase in resource estimates resulting from exploration efforts. The updated estimate now stands at an impressive 2.34 billion tonnes, of which 1.81 million tonnes consists of 27% magnetic rare earth oxides (“MREO”) and a total rare earth oxide (“TREO”) content of 3,196 ppm, Use a 1,000 ppm TREO cutoff. Of particular note are measured and indicated resources, which increased by 128% to total 1.42 billion tonnes at a TREO grade of 3,295 ppm, against a TREO cutoff of 1,000 ppm.

SMM analysis believes that China’s import of rare earth minerals from the United States will reach 66,000 tons in 2023, a 14% decrease from the total volume in 2022. The ores mainly come from MT mines in the United States. The discovery of large rare earth mines in Wyoming will greatly reduce its SMM will continue to pay attention to the follow-up exploration and development of the mine due to its dependence on China's rare earth supply chain.