Ramaco–REalloys Brook mine offtake: project economics and flowsheet notes for engineers
Reviewed by Tom Sullivan

First reported on MINING.com
30 Second Briefing
Ramaco Resources has signed a non-binding MoU with REalloys Inc. to supply mixed rare earth carbonate from the Brook mine in Wyoming, described as the USA’s largest unconventional rare earth and critical mineral deposit hosted in coal and carbonaceous ore. REalloys will separate Ramaco’s MREC into individual oxides at the Saskatchewan Research Council facility in Canada, while Ramaco will also provide separated scandium oxide for alloy metallisation at REalloys’ Euclid, Ohio plant. A 2025 preliminary economic assessment for Brook reported a post-tax NPV of about $1.2 billion, 38% IRR and initial capex of $473 million.
Technical Brief
- Full-scale mining and construction of a pilot rare earth processing facility are already underway near Sheridan.
- Brook is described as America’s first new rare earth and critical mineral mine in over 70 years.
- Feedstock will be supplied as mixed rare earth carbonate tailored to REalloys’ SRC separation flowsheet.
- Ramaco plans to refine scandium oxide at its own Brook mine critical mineral refinery.
- The MoU is non-binding and subject to completion of technical and commercial due diligence.
Our Take
With both REalloys and Mulberry Industries now holding non-binding offtake MoUs for Brook mine material, Ramaco Resources is effectively pre-building a diversified downstream customer base for its rare earths and oxides, which can help de-risk financing against the US$1.2 billion post-tax NPV profile.
The Brook mine’s initial capital cost of US$473 million plus a 22% contingency sits at the upper end of single-asset coal-to-critical-mineral conversions in our database, so locking in carbonate and oxide offtake early is likely aimed at underpinning project debt and smoothing the transition from coal-focused operations.
Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.
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