The team of researchers uncovered over 2,000,000,000 tons of rare Earth minerals in the United States which could make the country the new 'world leader'.
As per multiple outlets, this discovery could enable the country to surpass China and provide a significant boost to its industries.
The discoveries include oxides of neodymium, praseodymium, samarium, dysprosium, and terbium.
As per the reports, these minerals play a key role for various technologies like smartphones, aircrafts, hybrid cars, light bulbs and lamps.
Currently, China leads the world in manufacturing with a 31% share and produces 95% of rare Earth minerals.
In contrast, the US relies on imports for 74% of its minerals and holds only 15% of worldwide manufacturing.
Following the extraction ban in December 2023, American Rare Earths has been aiming to surpass China’s record.
The company began drilling in March 2023, and has estimated 1.2 million metric tons of minerals in Wyoming.
The CEO, Don Schwartz said in a statement, noting, “These results are illustrative of the enormous potential of the project when the resource increased by 64 percent during a developmental drilling campaign, which increased measured/indicated resources by 128 percent.”
Don further added, “Typically, you’ll see the resource decrease as infill drilling takes place – instead, we’re seeing the opposite, with only 25% of the project being drilled to this point."
American Rare Earths has drilled just 25% of the land in their project so far, interestingly leaving much more to find.
