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Real estate tends to be one of the better investments out there, as most people are able to turn a profit if they play their cards right. However, you’ll have a hard time rivaling a guy who bought a coal mine for $2 million only to learn it could be worth tens of billions of dollars.
If you have enough money to drop $2 million on a coal mine in the first place, you probably don’t have to be too worried about your finances—especially when you’re a former Wall Street executive whose father was a (disgraced) tycoon who once operated an international energy conglomerate.
That describes the background of Randall Atkins, the founder, chairman, and CEO of Ramaco Resources who decided to take a chance on Brooks Mine in Sheridan, Wyoming by purchasing the site before actually visiting it in person back in 2011.
According to The Wall Street Journal, researchers for the federal government reached out to Atkins a few years after the acquisition seeking permission to run tests in the area to detect the potential presence of “rare earth” materials.
It’s safe to say he’s glad he gave them the green light, the the geological surveys they conducted determined the coal mine is home to “what might be the largest so-called unconventional rare-earth deposit in the U.S.”
There’s plenty of value in what are also referred to as “rare-earth metals,” a term concerning substances comprised of at least one of 17 unique elements on the periodic table.
The materials are incredibly sought-after due to their use in a wide array of industrial applications, including petroleum refinement, medical imaging, and the production of fuel cells, electric motors, and lasers (among other forms of technology).
The outlet reports experts believe the mine in Wyoming could be home to rare-earth materials worth upwards of $37 billion (a metric ton of coal sells for around $185 compared to the $1 million the elements could fetch at the same weight).
There is a slight catch, as the company would have to invest plenty of resources to successfully mine and process the materials, and it would likely take decades to come close to sniffing the $37 billion mark. With that said, it seems like Atkins’ bet will pay off in a big way in the long run.