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Ramaco Resources (NASDAQ: METC, METCB) said Wednesday it has entered into a non-binding memorandum of understanding (MOU) with Indium Corporation for supply of gallium and germanium from Ramaco’s Brook mine rare earth and critical-mineral project in Wyoming.
Ramaco is developing critical minerals and rare earth elements at Brook mine, which it says holds what is believed to be the nation’s largest unconventional deposit of rare earth elements and critical minerals sourced from coal and carbonaceous ore.
Brook is America’s first new rare earth element and critical mineral mine in over 70 years, and it will be initially focused on the vertically integrated production of commercial oxides. Full-scale mining and construction of a pilot processing facility are underway at the mine located near Sheridan.
Clinton, New York headquartered Indium Corporation is a global materials refiner, smelter, and manufacturer. It supplies specialized metals, solders, and thermal management products used to build electronics, semiconductors, electric vehicles, aerospace and defense systems.
The company specializes in refining, alloy development, and manufacture of high-performance materials, including gallium- and germanium-based products used throughout the semiconductor value chain.
Under the MOU, Ramaco and Indium Corporation agree to negotiate the potential supply of gallium and germanium from the Brook Mine project.
“We believe this MOU demonstrates a promising opportunity to introduce Brook Mine gallium and germanium into established domestic and allied supply chains,” Ramaco Resources CEO Randall Atkins said in a news release.
“By combining Ramaco’s potential domestic resource base with Indium Corporation’s…established presence in advanced technology manufacturing, we believe this proposed relationship could strengthen and diversify the supply of materials that are increasingly critical to the U.S. electronics, semiconductor, and advanced manufacturing industries,” Atkins said.
Ramaco Resources’ stock closed the day up 3.97% on the NASDAQ. The company has a $698.8 million market capitalization.
