US coal miner in talks with Japanese firms on rare earths supply

US coal producer Ramaco Resources Inc. says it’s discussing potential supply deals with Japanese companies for rare earths it plans to mine in Wyoming.

The company has held meetings with firms to explore how they might get involved in Ramaco’s Brook Mine in the western state, chief executive officer Randall Atkins said in an interview on Friday in Tokyo. The talks have ranged from offtake agreements to direct investments and technical cooperation, he said.

Trading house Sumitomo Corp. and energy and materials firm Iwatani Corp. are among the companies that Ramaco has met, Atkins said. Sumitomo declined to comment, while Iwatani didn’t respond to a request for comment.

Rare earths are among the critical minerals used across high-tech manufacturing, including the powerful magnets used in electric vehicles, mobile phones and missile systems. Japan is one of the countries working to cut its reliance on China, whose dominance of the global supply chain gave Beijing crucial leverage in last year’s trade war with Washington.

China has since banned exports to Japan of dual-use products with possible military applications – a category that includes rare earths.

Ramaco is developing the Brook Mine, an old coal deposit that also contains rare earths like neodymium and terbium, as well as other critical minerals such as gallium that are of interest to Japan, Atkins said. The firm is currently conducting a pre-feasibility study for the mine that it aims to complete in late 2026, he said.

A collaboration with Japanese companies could align with the Trump administration’s trade deal with Tokyo, which calls for Japan to invest $550 billion in US projects, Atkins said.

(By Yusuke Maekawa and Shoko Oda)