Ramaco Resources (NASDAQ: METC) has entered into a memorandum of understanding with REalloys (NASDAQ: ALOY) to establish a strategic partnership for an offtake agreement involving critical minerals. The Brook project in Wyoming is believed to host the nation’s largest unconventional deposit of rare earth elements sourced from coal and carbonaceous ore.
Once operational, the Brook mine will be the first rare earth and critical minerals mine in the U.S. in over 70 years, focusing on the production of commercial oxides. A preliminary economic assessment from 2025 predicts a post-tax net present value of approximately $1.2 billion and an internal rate of return of 38%, with initial capital costs estimated at $473 million. Full-scale mining and the construction of a pilot processing facility are currently underway near Sheridan, Wyoming.
Under the MOU, Ramaco will supply mixed rare earth carbonate (MREC) to REalloys, which will process it into various rare earth oxides at its facility in Saskatchewan, Canada. Additionally, Ramaco plans to provide separated scandium oxide for alloy metallization at REalloys’ facility in Euclid, Ohio.
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