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New York firm adds to Wyoming rare earth leases

New York firm adds to Wyoming rare earth leases

  • Updated

CASPER, Wyo. — A New York company has added to its rare earth leases in northeast Wyoming and intends to seek state permission to explore for the minerals.

Brooklyn, N.Y.-based Royal Energy Resources Inc. announced Monday that it had added 2,100 acres of minerals leases for state-owned land in Crook County near Sundance.

The company will next seek a drilling/testing permit from the Wyoming Department of Environmental Quality, said Jacob Roth, Royal Energy Resources chief executive, chief financial officer and director and member of the firm’s audit committee.

“This is an exciting time for us,” he said.

Roth said he works through intermediaries in the state to acquire Wyoming leases.

He said he’s sought leases in the state because of familiarity with their value from past visits and involvement in the region.

“I’ve done business as an investor 25, 30 years ago, and those days, they were a very good investment. So I do remember those things,” he said. “I’m looking to get involved in Colorado and New Mexico also.”

Rare earth elements aren’t rare, but are highly sought after for use in renewable energy technology and other applications such as hybrid and electric cars, wind turbines, computer hard drives and military technology.

Royal Energy Resources isn’t the only company with plans to develop rare earth minerals deposits in Crook County.

The company’s leases are a few miles southeast of the Bear Lodge Mountains, where Rare Element Resources Ltd. continues to explore its leases with a drilling campaign due to end this month.

The company announced Nov. 1 it had begun a preliminary feasibility study of its Bear Lodge project.

Royal Energy Resources also holds leases elsewhere in Wyoming for oil, natural gas and uranium development. It’s also seeking to develop silver, gold and copper reserves in Romania.

“I know Romania since childhood,” Roth said.



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