March 20, 2026 - A former Wall Street banker who purchased a coal mine for $2m made an extraordinary find inside that could potentially be valued at a staggering $37bn. When Randall Atkins acquired an old Wyoming coal mine for $2million, he expected a modest return on his investment – but the outcome turned out to be far more exceptional.

Government researchers carried out an evaluation of the location and discovered a significant deposit of a highly valuable resource. Against his original assumptions, the fortunate investor discovered that the mine contained one of the largest rare-earth elements (REE) deposits in the US, a treasure trove estimated to be worth an eye-watering $37billion.

It was revealed in May 2023 that Brook Mine contained numerous rare-earth metals, including neodymium, dysprosium, terbium and praseodymium, materials crucial to manufacturing technologies like wind turbines and electric cars. It comes as Gas prices hit $5 per gallon as Trump's swing states among the worst hit by his war with Iran.

Randall Atkins

Image: Bloomberg via Getty Images

Randall said: "When I bought the mine, I didn't know the difference between rare earths and rare coins." In an additional stroke of fortune, minerals vital for semiconductors and missile systems, gallium and germanium, were also discovered in the US mine. Initially reported by the Wall Street Journal in 2023, the find represented a major opportunity for Randall's company, Ramaco Resources, which had traditionally concentrated on extracting coal for use in steel manufacturing.

Speaking to attendees at the mine's grand opening in November 2025, Randall said: "What we have discovered beneath this soil are enough rare earths that we may be able to supply this country for well over the next 100 years." He added: "We think we have the largest unconventional deposit of rare earth in North America."

Rare-earths represent a category of extremely valuable critical minerals vital to sectors including defense, automotive, and electronics. They're viewed as a potential flashpoint in international trade, especially between the US and China, with the latter reportedly being the globe's biggest producer. Their uses span lasers, military communications, computers, smartphones, and clean energy technology.

In fact, the Center for Strategic and International Studies revealed in 2024 that China generated 60 per cent of the world's rare earths and processed nearly 90 per cent, giving the nation what was characterized as a "near monopoly" on these critical minerals. As demand keeps climbing, the difficult and expensive extraction process has grown increasingly important.

Meanwhile, the United States is working to obtain its own rare earth sources to lessen reliance on China. In fact, President Donald Trump made access to these minerals a priority, with reports indicating that possible mining deals were weighed as part of his approaches to Greenland and Ukraine.

Nevertheless, Brook Mine has also faced criticism from a New York-based investor watchdog group, which released a report accusing the mine of being a fraud.

In response, Randall told Cowboy State Daily that it had been taken in by investors at Wolfpack Research, and "drawn into this to play a role on their behalf attacking a Wyoming project".

In related news, an Australian rare earths mining company has reportedly become involved in a $137 million deal with the United States Department of War (formerly Department of Defense).

Amanda Lacaze, Lynas' managing director, told investors: "Through this agreement, the US defense industrial base will continue to have access to light and heavy rare earth oxides that are essential for modern manufacturing.

"We thank the US government for working with Lynas to reach this mutually beneficial arrangement and look forward to finalizing the definitive agreement in due course and continuing our productive engagement with the US government."