Wyoming Energy Authority Funding for Cowboy State Mine
Pic: Getty Images.
Pic: Getty Images.
Wyoming Energy Authority to Provide Funding for Cowboy State Mine
US$7.1 Million Approved for American Rare Earths
Cheyenne, WY – The Wyoming Energy Authority announced today that American Rare Earths (ARR) will receive US$7.1 million from Wyoming to support its Cowboy State Mine in Halleck Creek, Wyoming.
In 2020, the Wyoming Legislature appropriated $12 million to support specific forms of energy research. The statute dictates, “if funds remain after any grant expenditures, remaining funds shall be deposited into an account and available for expenditure by only the Wyoming Energy Authority subject to approval by the University of Wyoming Energy Resources Council and the Governor for purposes of a rare earth pilot processing facility.” These funds are now available and have been allocated to the American Rare Earths project.
“We are thrilled to receive this support from the Wyoming Energy Authority, which not only represents technical validation of the project by industry experts at the Energy Resources Council at the University of Wyoming and WEA, but a shared commitment to permit and develop a commercial rare earth mine and processing facility in Wyoming,” said Donald Swartz, CEO of American Rare Earths. “This funding announcement comes on the heels of our most recent project update and this non-dilutive funding will be used to meet those objectives.
Wyoming is committed to lead the U.S. energy industry and support like this is why the state has been so successful in attracting investment in exploration and mining across the resource sector. This grant will assist the Company in expediting its project development of the Cowboy State Mine, and we are excited for things to continue to progress.”
“Wyoming is investing in the future of the energy industry and exploring new opportunities,” said WEA Executive Director Rob Creager. “The American Rare Earths Mine, supported through the Wyoming Energy Authority and the State of Wyoming, will give us greater insight into potentially one of the largest deposits of rare earth materials in the United States. And, like previous grant recipients, we look forward to what this project will bring our state and nation.”
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About Wyoming Energy Authority
The Wyoming Energy Authority advances Wyoming’s energy strategy by driving data, technology, and infrastructure investments. Focusing on an “all-of-the-above” energy mix, the WEA’s strategy includes products from our legacy industries, along with the newer players of renewable energy and emerging opportunities in hydrogen, small modular nuclear, geothermal, and rare earth elements. The WEA was created in 2020 by the Wyoming State Legislature by merging the Wyoming Infrastructure Authority and the Wyoming Pipeline Authority.
About American Rare Earths Limited
American Rare Earths (ASX: ARR | OTCQX: ARRNF | ADR: AMRRY) owns the Halleck Creek, WY rare earth deposit which has the potential to become the largest and most sustainable rare earth project in North America. The Company is developing environmentally friendly and cost-effective extraction and processing methods to meet the rapidly increasing demand for resources essential to the clean energy transition and US national security. The Company continues to evaluate other exploration opportunities and is collaborating with US Government-supported R&D to develop efficient processing and separation techniques of (REEs) elements to help ensure a renewable future.