US Rare Earth

American Rare Earths Limited owns the Halleck Creek Project in Wyoming. This deposit contains 2.34 to 2.63 billion metric tons of mineralized material. China currently controls 70% of global mining and 90% of refining. This discovery represents a strategic lifeline for the U.S. to break the Chinese monopoly. The site is rich in neodymium and praseodymium, which account for 26% of the total rare earth oxide content. These minerals are essential for permanent magnets in EV motors and F-35 fighter jets.

Phase 1 of the project, called the Cowboy State Mine, is targeting initial production by 2029. The U.S. EXIM Bank provided a $456 million non-binding letter of interest for initial capital. The U.S. government also made a $400 million equity investment in MP Materials in July 2025 to build domestic supply. To achieve total vertical integration, the U.S. is streamlining permitting under the March 2025 executive order. Ramaco Resources broke ground on the Brook Mine in July 2025 to process heavy magnetic rare earths. China banned rare earth magnet tech exports in late 2023. New defense and clean energy projects in 2025 and 2026 will prioritize these secure domestic sources.