To put that in perspective, the U.S. consumed about 10,000 tons of rare earth elements annually over the past decade.
Rare earths are used in advanced military technology, electric vehicles and other applications.
Potential boon Atkins told CNBC on Monday that it is logical to think rare earths could be sitting undiscovered elsewhere in the U.S.
"This might be something that will kind of awaken the thought that there might be different uses for coal," Atkins said.
Ramaco last month started developing the Brook Mine, the first new rare earth mine in the U.S. since Mountain Pass Rare Earth Mine opened in California in 1952.
Persons:
Randall Atkins, Atkins, CNBC's, It's, Ramaco
Organizations:
Ramaco, International, CNBC, Energy Information Agency, Exports
Locations:
Ramaco Resources, Wyoming, United States, Sheridan, U.S, California, China, Hamilton, Washington, Europe, Moscow, Ukraine