Ramaco Resources Inc. has announced the commencement of initial mining activities at the Brook Mine, aimed at establishing a major domestic source of rare earth elements and critical minerals. This project is significant for both the company and the nation, as it will be one of only two domestic sources of these crucial materials. The Brook Mine is set to address 3-5% of the total U.S. permanent magnet demand, with a substantial impact on defense applications. An onsite pilot plant is slated for construction in the fourth quarter of 2025, becoming fully operational by mid-2026. The project boasts a net present value of up to $1.197 billion, with an internal rate of return of 38%, highlighting its economic potential. This development is poised to reduce U.S. dependency on foreign sources, particularly from China, and strengthen national defense supply chains.
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