American Resources Corporation Commences Planning and Development on Next Two Metallurgical Carbon Mines
American Resources Corporation (NASDAQ:AREC) has announced the planning and development of two new carbon mines in Pike County, KY, aimed at supplying its McCoy Elkhorn complex with high-quality metallurgical carbon. The company boasts a low-cost development model, with a capacity of up to 45,000 tons per month and over 40 existing mining permits. The complex features advanced processing facilities and aims to produce between 1.5 million to 2 million tons per year. This development aligns with the growing demand for carbon in the global steel industry.
- Commencement of planning for two new carbon mines, enhancing production capacity.
- Existing McCoy Elkhorn complex has over 40 mining permits and advanced processing facilities.
- Targeting production expansion to 1.5 million to 2 million tons annually, aligning with market demand.
- None.
Mines have a low-cost of development and are capable of producing up to 45,000 tons per month
Company's McCoy Elkhorn complex has substantial embedded organic growth with its hub and spoke model, existing permits, 2 onsite carbon processing facilities and rail load out facility
FISHERS, IN / ACCESSWIRE / August 11, 2022 / American Resources Corporation (NASDAQ:AREC) ("American Resources" or the "Company"), a next generation and socially responsible supplier of rare earth and critical elements, carbon and advanced carbon materials to the new infrastructure and electrification marketplace, today announced that post the success of staffing and starting its Carnegie 2 mine, it has commenced planning and development on its next two carbon mines in Pike County, KY to supply its McCoy Elkhorn complex with additional low cost high quality metallurgical carbon for the global steel industry.
Tarlis Thompson, COO of American Resources commented, "Over the last 7 years we have acquired, restructured and repositioned our extensive asset base enabling our carbon platform to deliver substantial organic growth that require low capital investment. With over 40 existing mining permits, five processing and logistics hubs, substantial remaining mine life and a high margin profile, our platform is a unique source of growth within our industry. Our team has dedicated substantial time and energy over the years to fully restructuring and repositioning these complexes to substantially streamline the facilities, their operations and our corporate overhead to enable a low cost structure and sustainable jobs for the community. Today these assets are in a position to unlock the value and take advantage of the strong global demand for carbon over the next few decades. Having these assets in place positions our platform as one of the few that can organically expand production to feed the demand especially while older mines in our region are coming to end of life."
McCoy Elkhorn Complex was formerly a complex owned and ran by James River Coal as one of their premier facilities. The complex is one of the last high-quality, long-life mining facilities in the market and in the region. The hub and spoke facility is centered around two state of the art processing plants (800 tph and 500 tph) and a 110 car unit train rail load out facility and two fully approved and permitted impoundments that can process north of 6 million tons of carbon per year. Post the start of the next two mines, the Company will begin the planning of the next phase of organic growth from the McCoy Elkhorn complex. Internally, the Company is focused on organically expanding production to 1.5 million to 2 million tons per year.
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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