PHOENIX, July 06, 2023 (GLOBE NEWSWIRE) -- American Rare Earths (ASX: ARR | OTCQB: ARRNF | FSE: 1BHA) is pleased to announce further progress in its commitment to developing America's largest source of rare earth minerals with an innovative new process that is both more cost-effective and more sustainable than existing processes. Collaborating with leading United States universities and laboratories, the company is working towards a technological breakthrough with Lawrence Livermore Labs that would transform the extraction and processing of rare earth elements.
Rare earth elements are critical to the energy transition for their use in electric car batteries, wind turbines and other industries and are crucial to national security for use in aerospace and defense applications. However, the global supply is dominated by China, accounting for over 85% of the market. China has demonstrated its propensity to manipulate this market and to use it as a strategic weapon against its adversaries considering its dominant supply position and how critical the rare earth minerals are for financial and national security for the United States and other countries. China's mining and processing of rare earth elements is also performed in ways that have critical negative consequences for the global environment. American Rare Earths intends to significantly increase domestic supply with innovative environmentally friendly processes and reduce reliance on foreign sources.
American Rare Earths has three rare earth deposits, and its primary resource at Halleck Creek in Wyoming, has the potential to be the largest rare earth operation in North America. The analysis of multi-year drilling projects revealed a total of 1.46 billion tons of rare earth minerals, including key magnet metals like neodymium and praseodymium. This finding positions Halleck Creek as a potential flagship mining operation in North America, capable of meeting the escalating demand for rare earths in the coming decade.
"To address the critical industrial and national security requirements of the United States and other countries, American Rare Earths is committed to sustainable practices, inclusive principles, and leading technologies," stated Melissa 'Mel' Sanderson, President of American Rare Earths. "As part of this commitment, the company is actively engaged in US Government-funded research aimed at developing cleaner and cheaper processing methods for rare earths, utilizing biological techniques."
In collaboration with renowned institutions and laboratories, American Rare Earths is making significant strides towards this goal. Researchers at Penn State and the Lawrence Livermore National Laboratory have worked with American Rare Earths on the development of a new method that employs a protein isolated from bacteria to extract and separate rare earth elements in a more environmentally friendly manner. With the potential for scalability, this breakthrough could be instrumental in the development of a domestic supply of rare earth metals, reducing the ecological impact associated with traditional extraction methods.
The company was founded and incorporated in Australia, but since its primary assets and markets are in the United States, ARR has decided to redomicile as a United States company incorporated in Delaware. Building an American board of directors and management team, the company is poised to become a leading rare earth production company in North America.
By combining technological advancements, sustainable practices, and strategic partnerships, American Rare Earths is actively driving the development of a robust and resilient rare earth supply chain within the United States.
About American Rare Earths: American Rare Earths (ASX: ARR | OTCQB: ARRNF | FSE: 1BHA) is a leading developer of rare earth elements with a strong focus on developing sustainable and cost-effective extraction and processing methods. The company's projects, including Halleck Creek in Wyoming, La Paz in Arizona, and Searchlight in Nevada, hold significant potential to become major rare earth production sites in North America.
For media inquiries, please contact:
Susan Assadi, sassadi@americanrareearths.com.au
347 977 7125
