American Rare Earths (ASX:ARR) has released an updated Scoping Study for its Cowboy State Mine (CSM) Project in Wyoming, US, outlining a larger development platform for potential domestic rare earth supply.
The study evaluates a 4.5-million-tonne-per-annum (Mtpa) operation over 26 years, with estimated after-tax net present value of US$1.07 billion ($1.53 billion) at an 8% real discount rate and initial capital of US$900 million, including contingency.
Planned throughput increases 50% to 4.5Mtpa, with average annual neodymium-praseodymium oxide (NdPr) production of about 2,500 tonnes.
This number is up 36% from the 2025 base case. The mine plan extends to 26 years, compared with 20 years previously.
CEO Mark Wall says the study gives investors a ‘clearer view’ of the first development phase.
“We are now evaluating a mine with 50% greater processing capacity, 36% more annual NdPr production, and a longer operating life than the 2025 base case,” Wall remarks.
The project configuration combines mining and mineral concentration at CSM with a separate hydrometallurgical refinery in Wyoming.
The company is evaluating the next step in the supply chain through work with Novex, converting rare earth oxide into metal.
A 50kg concentrate sample is with Novex in the US for recovery optimisation and a program intended to progress through to NdPr metal.
Recovery optimisation, pilot and demonstration work, infrastructure studies, and permitting are advancing. Separated rare earth oxide from the pilot and demonstration program is targeted for late Q2 2027.
The production target is based entirely on indicated mineral resources, with no inferred mineral resources or exploration target material scheduled as mill feed.
American Rare Earths is an Australian critical minerals company advancing a portfolio of large-scale rare earth projects across the US.
Write to JC Villarba at Mining.com.au
Images: American Rare Earths
