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Business Mayor
14-05-2025
- Business
- Business Mayor
How this coal company could help break U.S. dependence on China for rare earths
FILE PHOTO: Coal moves on an overland belt from inside the newly opened Ramaco Resources Inc. Stonecoal Alma mine near Wylo, West Virginia, U.S., on Tuesday, Aug. 8, 2017. Andrew Harrer | Bloomberg | Getty Images A small coal miner headquartered in Kentucky could play an important role in helping the U.S. break its dependence on China for rare earth elements that are crucial for national defense. Ramaco Resources unexpectedly discovered in 2023 that a Wyoming coal mine it purchased for $2 million is sitting on top of a major trove of rare earth elements. The Brook Mine outside Sheridan is estimated to contain as much as 1.7 million tons of rare earth oxides, according to an analysis this month by the mining consultant Weir International. The discovery is potentially a major turn of fortunes for Ramaco, a relatively small company with a market cap of $571 million that mines coal in West Virginia and Virginia for steel production. It could also help wean the U.S. off imports from China, a key priority of the Trump administration. The U.S. was almost entirely dependent on foreign countries for the roughly 10,000 metric tons of rare earths it consumed in 2023 with China representing 70% of the country's imports, according to the U.S. Geological Survey. Beijing imposed controls in April on exports of seven rare earth elements to the U.S retaliation for President Donald Trump's tariffs. Those rare earths are critical for weapons like the F-35 warplane, which contains more than 900 pounds of them, according to the Defense Department. The Brook Mine 'has the potential to help address what is an acute national strategic supply shortfall of precisely the rare earths and critical minerals which we happen to possess,' CEO Randall Atkins told analysts on the company's first-quarter earnings call Monday. 'From a national security standpoint, we will never need to ship our ores to China or any other country for processing.' Only one rare earth mining and processing facility is operational in the U.S. at Mountain Pass, California. Ramaco's Brook Mine would be the first new rare earth facility in the U.S. in more than seven decades. The facility could produce an estimated 1,400 metric tons annually, Atkins said. Ambitious timeline Ramaco aims to begin large-scale coal production at Brook Mine in June and start construction on a pilot plant for rare earths this summer, Atkins said. 'In simple terms, the coal sales will help us lower the overall cost of the rare earth mining so that we will have an extremely low mine cost basis in the critical minerals,' the CEO said. The pilot plant is expected to start operating in 2026 and run for roughly a year in order to figure out the design of the full commercial facility, Atkins said. Ramaco plans to start construction on the commercial facility as soon as late 2026 with refining and processing to start in 2028, he said. It is unclear how much the project will cost and whether Ramaco can shoulder the burden alone. Fluor , an engineering firm, is delivering an estimate in June of the capital spending needed for the project and its economics, Atkins said. Read More Microwaves advance solar-cell production and recycling Stock chart icon Ramaco stock performance Ramaco's stock has pulled back 11% this year as its metallurgical coal business is under pressure due to overproduction by China. The miner posted a loss of $9.5 million in the first quarter, compared with a profit of $2 million in the same-period in 2024. It generated revenue of around $666 million last year. 'They have solid liquidity, solid access to liquidity,' said Nick Giles, analyst at B. Riley Securities, one of three Wall Street firms that covers Ramaco. 'I don't think the weakness in the [metallurgical coal] markets is going to spoil the party here in rare earths,' he said. Federal support Ramaco is not looking for a joint venture with another company to help finance Brook Mine, Atkins said. 'We view this project as one that Ramaco is going to be able to finance on their own,' the CEO said. 'There really aren't any other third parties out there that are in the rare earth business in the United States that are really operating.' Ramaco is interested in pursuing federal support for the project, Atkins said. The company is in contact with Trump's National Energy Dominance Council about Brook Mine, the CEO said. Once the financial dimensions of the project are clear, Ramaco intends to look into potential federal financing, procurement or relationships with the Defense Department, he said. Mountain Pass owner MP Materials , for example, received $35 million from the Pentagon in 2022 to build a facility to process rare earth elements. Interior Secretary Doug Burgum said last month that the Trump administration is considering making an 'equity investment in each of these companies that's taking on China in critical minerals.' Burgum said China dumps minerals on the global market to depress prices and undercut U.S. companies. 'You're competing against state capital because China is picking these strategically as areas that they want to invest in,' Burgum at a conference in Oklahoma City. Ramaco plans to hold a ribbon-cutting ceremony at Brook Mine in July. Senior officials from the federal government be attending, Atkins said.
Toronto Sun
29-04-2025
- Business
- Toronto Sun
White House says Amazon ‘hostile' for reported tariff labels
Published Apr 29, 2025 • 2 minute read packages loaded for delivery at a USPS distribution center in Washington, DC. Photo by Andrew Harrer / Bloomberg (Bloomberg) — The White House denounced Inc's reported move to display the cost of President Donald Trump's tariffs on products, setting the stage for a high-profile clash between the administration and the popular online marketplace. 'This is a hostile and political act by Amazon,' White House Press Secretary Karoline Leavitt told reporters Tuesday. 'Why didn't Amazon do this when the Biden administration hiked inflation to the highest level in 40 years?' The comments from Leavitt came after Punchbowl News reported that the e-commerce giant would 'soon' begin displaying the cost of US tariffs on individual products next to the total listed price. The report included few other details about the plan. Amazon representatives did not immediately respond to requests for comment. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account REPORTER: Amazon will soon display a number next to the price of each product that shows how much the Trump tariffs are adding. Isn't that a perfect demonstration that it's the American consumer who is paying for these policies? LEAVITT: This is a hostile and political act by… — Aaron Rupar (@atrupar) April 29, 2025 Amazon shares fell as much as 2.1% at the open of trading in New York. The firm is set to report earnings after the bell on Thursday with its stock down more than 20% from a February record high. Companies like Amazon and fast-fashion giant Shein Group Ltd. are bracing for a 120% tariff on many of their products due to the US government's decision to end the 'de minimis' exemption for small packages from mainland China and Hong Kong. Exporters in recent years had capitalized on the exemption, which allowed goods valued at under $800 to enter the US without tariffs or customs duties. Leavitt said she had spoken to Trump about the report, and went on to criticize Amazon's compliance with censorship demands by the Chinese government. This advertisement has not loaded yet, but your article continues below. Leavitt declined to answer when asked if the move had strained the relationship between the president and Amazon founder Jeff Bezos, who has sought to curry favor with Trump in recent months. Bezos and Trump frequently clashed during the president's first term over the billionaire's ownership of the Washington Post. 'I will not speak to the president's relationships with Jeff Bezos,' Leavitt said. Treasury Secretary Scott Bessent, who attended the press briefing, said any move to highlight tariffs was unfair when the costs of policies implemented by other administrations — including regulations — weren't broken out. 'The big tax on consumers that goes unnoticed is deregulation or regulation, and we are deregulating and bringing that down,' Bessent said. 'So you know, from a household income point of view, we would expect real purchasing increases that we've seen over the first 100 days, and we would expect that to accelerate.' A CNN poll released this week showed 59% of the public believe Trump's policies have made the economy worse, with six in 10 believing his efforts have increased their cost of living. Nearly seven in 10 of survey respondents say they believe an economic recession is somewhat likely in the next year. —With assistance from Stephanie Lai and Matt Turner. Canada Federal Elections Columnists Sunshine Girls Toronto & GTA
The Intercept
23-04-2025
- The Intercept
Trump EEOC Texted College Professors' Personal Phones to Ask If They Were Jewish
Support Us © THE INTERCEPT ALL RIGHTS RESERVED The Equal Employment Opportunity Commission seal displayed at the agency's headquarters in Washington, D.C., on Feb. 18, 2020. Photo: Andrew Harrer/Bloomberg via Getty Images Several professors at Barnard College received text messages on Monday notifying them that a federal agency was reviewing the college's employment practices, according to copies of the messages reviewed by The Intercept. The messages, sent to several professors' personal cellphones, asked them to complete a voluntary survey about their employment. The survey from the Equal Employment Opportunity Commission, or EEOC, asked questions including whether respondents were Jewish or Israeli; whether they had been subjected to antisemitism; and whether they were subject to 'unwelcome discussions,' graffiti or signs depicting antisemitic messages or images, 'unwelcome comments, jokes or discussions,' or 'pressure to abandon, change or adopt a practice or religious belief.' The survey also asked whether respondents had reported any such events to the college. In an email to faculty on Monday evening, the general counsel at Barnard, a women's college affiliated with Columbia University, said the school had received multiple reports about the EEOC texts. 'Barnard was not given advance notice of this outreach,' Barnard vice president and general counsel Serena Longley wrote in an email obtained by The Intercept. 'If you choose to respond, please know that both federal law and Barnard policy strictly prohibit any form of retaliation.' Neither the EEOC nor Barnard immediately responded to requests for comment. Join The Conversation
