Ramaco, Mulberry forge rare earth partnership to bolster US supply chain

Critical minerals developer Ramaco Resources has entered into a memorandum of understanding for an offtake partnership with Georgia-based magnet producer Mulberry Industries to boost the US rare earths and magnet supply chain.

Ramaco will negotiate an agreement under the MOU to provide Mulberry with a supply of customized oxide blends that include rare earth elements like samarium, neodymium-praseodymium, yttrium, gallium and dysprosium-terbium, the company said in a statement Dec. 23.

The materials will be used to bolster Mulberry's 10-year rare earth stockpile to manufacture advanced permanent magnets for the defense, aerospace, automotive and robotics sectors.

The partnership aims to reduce US dependency on China for critical minerals and rare earths mining. China is the leading refiner of critical minerals globally with an average market share of 70%, according to the International Energy Agency. The country imposed export controls on rare earths this year, leading some countries to seek alternative sources.

Mulberry is a Georgia-based vertically integrated manufacturer that produces high-performance permanent magnets and advanced electrical systems.

"Ramaco is proud to pursue a partnership with Mulberry Industries to supply domestically sourced rare earth oxide blends that underpin a resilient, ex-China permanent magnet supply chain," Ramaco CEO Randall Atkins said in a statement.

Ramaco opened the Brook Mine in Wyoming earlier this year, the first new rare earth element and critical mine in the US in the last 70 years. The company plans to establish a national strategic stockpile for rare earths and critical minerals at the Brook Mine facility.