American Resources Corporation Commences Initial Sales and Shipments from its Reopened McCoy Elkhorn Complex
American Resources Corporation (NASDAQ:AREC) has restarted production at its Carnegie 1 mine to meet the rising demand for metallurgical carbon in the global steel market. The mine, located in Pike County, Kentucky, is operating seven days a week and increasing production and maintenance shifts. The company anticipates bringing the Carnegie 2 mine online shortly, consolidating its position in a constrained market. Plans for additional mines and upgrades to processing facilities are also underway to meet ongoing infrastructure demands.
- Carnegie 1 mine has resumed production, enhancing supply in a high-demand market.
- Expansion plans for Carnegie 2 and potential development of Carnegie 3 and Surface mines.
- Operational upgrades at McCoy Elkhorn facility to produce specialty products for strong market demand.
- None.
Company's Carnegie 1 mine is ramping production in one of the strongest metallurgical carbon markets over the last decade
Carnegie 1 mine is currently running a seven day a week schedule and adding additional production and maintenance shifts
FISHERS, IN / ACCESSWIRE / November 11, 2021 / American Resources Corporation (NASDAQ:AREC) ("American Resources" or the "Company"), a next generation and socially responsible supplier of raw materials to the new infrastructure and electrification marketplace, today announced that it has begun selling and shipping metallurgical carbon produced from its recently reopened Carnegie 1 mine. Shipments of carbon are being sold to its customer base to be used for steel making in both the international and domestic steel markets.
Located in Pike County, Kentucky, the Company's Carnegie 1 mine is an underground mine producing high vol metallurgical carbon from the Lower Alma seam and part of both the Company's broader Carnegie mining complex and its McCoy Elkhorn processing and logistics facility. Carbon extracted from the Carnegie mines is transported to the nearby McCoy Elkhorn complex where it is processed, loaded and shipped to domestic and international metallurgical (steel making) customers.
Mark Jensen, CEO of American Resources Corporation commented, "It's always a rewarding day for our team when we see our efforts bear fruit by getting our first Carnegie mine reopened, as well as our McCoy Elkhorn facility, up and running and now shipping carbon to our steel customers. We are in a very fortunate spot to be expanding production of high-quality, steel-making carbon in a market that is seeing constrained supply struggling to meet worldwide infrastructure demands. The changes our team has made at this complex are focused on safety, cost and efficiency. While the Carnegie 1 mine was in production briefly before the COVID-19 pandemic hit our region, the mine is essentially new, allowing us to efficiently produce a quality product with decades of mine life. Our Carnegie 2 mine will subsequently be brought online in short order as we have already invested the development capital and have secured the contract mining company to operate this new mine which will access the same boundary of carbon from a different direction as our Carnegie 1 mine."
In addition to its Carnegie 1 and Carnegie 2 mines, the Company has plans to develop it Carnegie 3 mine and its Carnegie Surface mine to supplement the complex's overall production at the facility. The Company is also evaluating upgrading the McCoy Elkhorn processing plant to produce a mini stoker industrial product for the specialty alloy metal marketplace given that market's consistently strong demand.
American Resources continues to focus on running efficient streamlined operations in being a new-aged supplier of raw materials to the infrastructure and electrification marketplace in the most sustainable of ways, while also helping the world achieve its goals of carbon neutrality. By operating with low or no legacy costs and having one of the largest and most innovative growth pipelines in the industry, American Resources Corporation works to maximize value for its investors by positioning its large asset base to best fit a new-aged economy, while being able to scale its operations to meet the growth of the markets it serves.
About American Resources Corporation
American Resources Corporation is a next-generation, environmentally and socially responsible supplier of high-quality raw materials to the new infrastructure market. The Company is focused on the extraction and processing of metallurgical carbon, an essential ingredient used in steelmaking, critical and rare earth minerals for the electrification market, and reprocessed metal to be recycled. American Resources has a growing portfolio of operations located in the Central Appalachian basin of eastern Kentucky and southern West Virginia where premium quality metallurgical carbon and rare earth mineral deposits are concentrated.
American Resources has established a nimble, low-cost business model centered on growth, which provides a significant opportunity to scale its portfolio of assets to meet the growing global infrastructure and electrification markets while also continuing to acquire operations and significantly reduce their legacy industry risks. Its streamlined and efficient operations are able to maximize margins while reducing costs. For more information visit americanresourcescorp.com or connect with the Company on Facebook, Twitter, and LinkedIn.
Special Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks, uncertainties, and other important factors that could cause the Company's actual results, performance, or achievements or industry results to differ materially from any future results, performance, or achievements expressed or implied by these forward-looking statements. These statements are subject to a number of risks and uncertainties, many of which are beyond American Resources Corporation's control. The words "believes", "may", "will", "should", "would", "could", "continue", "seeks", "anticipates", "plans", "expects", "intends", "estimates", or similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Any forward-looking statements included in this press release are made only as of the date of this release. The Company does not undertake any obligation to update or supplement any forward-looking statements to reflect subsequent events or circumstances. The Company cannot assure you that the projected results or events will be achieved.
PR Contact
Precision Public Relations
Matt Sheldon
917-280-7329
matt@precisionpr.co
Investor Contact:
JTC Team, LLC
Jenene Thomas
833-475-8247
arec@jtcir.com
RedChip Companies Inc.
Todd McKnight
1-800-RED-CHIP (733-2447)
Info@redchip.com
Company Contact:
Mark LaVerghetta
Vice President of Corporate Finance and Communications
317-855-9926 ext. 0
investor@americanresourcescorp.com
SOURCE: American Resources Corporation
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