Former U.S. Sen. Joe Manchin of West Virginia has joined the board of directors of Ramaco Resources, bringing an expertise that complements the company’s ambition to become “the first new rare earth mine in the country,” said Randall Atkins, Ramaco's chairman and CEO.
Along with metallurgical coal mining operations in West Virginia, Virginia and Kentucky, Ramaco has the Brook Mine in Wyoming along with a carbon business incubator in Sheridan County. It also is pursuing a huge rare earth deposit in Wyoming the company has estimated could be valued at more than $37 billion.
“I have known Sen. Manchin for a number of years,” Atkins told Cowboy State Daily on Tuesday. “We have a lot of operations in West Virginia on the metallurgical coal side, and I have also testified before the Senate Energy Committee.”
Manchin, a former Democrat who later registered as an independent, was chair of the Senate Energy Committee while Wyoming Sen. John Barrasso was the ranking minority member.
Barrasso responded enthusiastically Tuesday to the news of Manchin’s board appointment.
“Throughout his time in the Senate, Sen. Manchin worked side by side with me to promote and unleash American energy,” Barrasso told Cowboy State Daily.
“He is an excellent choice to serve on Ramaco’s board of directors,” added Barrasso. “Ramaco is doing important work in Wyoming and across the country to mine coal and critical minerals. Sen. Manchin will be a vital partner in their mission to advance America’s energy security.”
Manchin's appointment comes as the company continues to advance rare earth element operations at theBrook Mine near Ranchester. Ramaco is leveraging a $6.1 million matching grant from the Wyoming Energy Authority to develop a resource stream of rare earth and critical minerals from coal deposits.
Looking ahead, Atkins predicted that Ramaco's 15,800-acre Brook Mine "would probably end up selling some of our production to perhaps the Defense Department or various Defense Department related contractors who already are using rare earths that are being procured from foreign sources. We have become a domestic source of supply for those."
While still in the Senate, Manchin sponsored two rare earth bills in 2019. The Rare Earth Element Advanced Coal Technologies Act proposed $23 million annually from 2020–2027 for DOE to develop rare earth extraction technologies from coal byproducts. The bill advanced through committee, but didn’t pass.
Manchin’s American Mineral Security Act also advanced through committee, but similarly did not pass into law. Both bills aimed to reduce reliance on foreign supplies of rare earth elements.
Rare earth elements are critical for modern defense systems, enabling advanced functionality in guidance, communication and weaponry.
Chairman Joe Manchin and Ranking Member John Barrasso speak ahead of a Senate Energy and Natural Resources Committee hearing Jan. 11, 2024, in Washington, D.C., in this file photo. (Getty Images) 
The iCam incubator facility in Sheridan County. (Cowboy State Daily Staff) 
The Brook mine project is fully permitted by Wyoming’s Department of Environmental Quality. 
Randall Atkins, chairman and CEO of Ramaco Resources Inc., stands in his office at the Innovation of Carbon Advancement of Materials, or iCAM, in Ranchester, Wyoming.
Manchin In Wyoming
While in the Senate, Manchin was famous for hosting friends and colleagues on his boat “Almost Heaven,” which is docked on the Potomac River and was the scene of all kinds of politicking over pizza, beer and merlot, according to media reports.
Atkins has kicked his feet up on “Almost Heaven,” he told Cowboy State Daily. But now it’s Atkins’ turn to host Manchin, this time in the Cowboy State.
Ramaco Resources will host a board meeting in Wyoming sometime in mid-July, said Atkins, where Manchin will have the opportunity to share his experience working on rare earth issues.
“He is acutely aware of the supply chain issues that we have with rare earth in this country,” said Atkins, who credited Manchin with trying to create new markets. Also for, “Having the U.S. government somewhat stabilize the rare earth market, which is dominated by China.”
Roots In Coal Country
Manchin grew up in the coal town of Farmington, West Virginia.
After his appointment to the Ramaco board, he said in a statement: "I saw firsthand how coal shaped communities and powered our nation. Ramaco's work — both in producing metallurgical coal and advancing critical mineral development — reflects that same spirit of hard work, innovation and national pride."
Metallurgical coal, also known as coking coal, is used to produce coke, a component in blast furnace steelmaking. Ramaco maintains metallurgical coal operations in West Virginia.
The company specified that its board has determined Manchin is an independent director in accordance with Nasdaq Stock Market Rules.
Manchin’s appointment is part of what appears to be a pattern of former Democratic politicians joining mining company boards after leaving office. In February 2011, former Wyoming Gov. Dave Freudenthal joined the board of directors of Arch Coal Inc., one of the world's largest coal producers.
Similarly, former Montana Gov. Brian Schweitzer was elected chairman of the board for the Stillwater Mining Company in May 2013, shortly after leaving office.
David Madison can be reached at david@cowboystatedaily.com.
