Vancouver — China has long dominated the market for rare-earth elements, which, in the case of the United States, is valued at more than US$1 billion. That could change if Rare Element Resources (RES-V, RRLMF-O) is successful in its hunt for rare-earth elements in the Bear Lodge Mountains of Wyoming. In the meantime, the junior has teamed with Newmont Mining (NMC-T, NEM-N) to explore for gold on the same property.
Under the terms of the newly formed joint venture, Newmont can earn a 65% working interest in the junior’s Bear Lodge property, excluding rights to rare-earth elements and uranium, by spending at least US$5 million on exploration over five years. The senior gold company can boost this to 80% by completing a feasibility study.
The property hosts both gold and rare-earth-element mineralization.
A report published by the U.S. Geological Survey states that the property hosts North America’s largest disseminated rare-earth-element occurrence. Rare Element Resources notes that its property covers the most significant of these mineralized areas.
President William Bird adds that the company’s goal is to be an American producer of rare-earth elements used in many technologies, including nickel-metal-hybrid batteries, and the motors, generators and batteries used in hybrid cars.
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