American Resources Corporation Funds Initial Shipments of Lithium Ores and Provides Update on Ore Processing Site Selection
Initial shipment of lithium ore feedstock has been funded and being shipped as part of overall offtake partnership from South African sources
ReElement will develop initial processing capacity in the United States with concurrent development of up to
FISHERS, IN / ACCESSWIRE / June 27, 2023 / 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, as previously announced, has entered into an offtake from its South African partners and has funded and commenced the initial shipment of lithium spodumene to the United States for refining, with a goal of having refining capacity in the United States as well as large scale capacity throughout Africa. The Company is in site selection for its initial South African refining facility and has also narrowed down its U.S. based site selection for lithium refining capacity of 120,000 metric tons per year to four states (West Virginia, Kentucky, Tennessee and Indiana).
Mark Jensen, CEO of American Resources Corporation commented, "This is an exciting moment for our Company as we can showcase our technology and broaden its impact on the world stage as a rapidly scalable and deployable technology for lithium and critical mineral refining to a high purity, battery-grade material with an industry low capex requirement and environmental impact. With our strong relationships throughout the African continent, our goal is to flip the narrative of exporting raw materials to importing high value technology to benefit the local economies though job creation and high taxable revenue. Due to expediency, we will initially commence processing in the United States to enable our mining partners to scale up production while we build out our localized African refining capacity. Our initial U.S. processing capacity is being designed to handle approximately 120,000 metric ton of lithium spodumene annually producing approximately 15,000 metric tons of lithium hydroxide monohydrate or carbonate."
The initial locations chosen for site selections in the United States are at locations controlled by the Company or its partners. As previously stated, American Resources and its subsidiaries are collaborating with its South African partners on the site selection for a future African refining facility that will be located at or close to regional ports. This facility will process a majority of the materials from South Africa to significantly reduce the costs and carbon footprint associated with transporting unrefined lithium ores and will also add value to the local African communities by bringing new, cutting-edge technologies to the region. The facility is anticipated to process lithium spodumene ores in a manner that yields ultra-pure, battery-grade lithium carbonate or hydroxide, which can then be used as a commercial grade feedstock for either domestic battery manufacturers in the United States or local battery production in the area.
About American Resources Corporation
American Resources Corporation (NASDAQ:AREC) 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. Through its wholly owned subsidiary, ReElement Technologies, American Resources is redefining how critical and rare earth elements are both sourced and processed while focusing on the recycling of end-of-life products such as rare earth permanent magnets and lithium-ion batteries, as well as coal-based waste streams and byproducts. 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.
About ReElement Technologies LLC
ReElement Technologies LLC is redefining how critical and rare earth elements are both sourced and refined into ultra-pure forms through its patented, low cost, low impact and scalable process to support the global energy transition and domestic supply chain's growing demand for magnet and battery metals. ReElement focuses on the recycling of end-of-life products such as rare earth permanent magnets and lithium-ion batteries, as well as refining natural ores such as lithium spodumene to create a low-cost and environmentally-safe, circular supply chain for the battery and magnet industries. ReElement Technologies has developed its innovative and scalable refining process in conjunction with its licensed intellectual property including 16 patents and technologies and sponsored research partnerships with three leading universities, as well as other industry leaders and pioneers where the technology is commercially used in large scale. For more information visit reelementtech.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.
Investor Contact:
RedChip Companies Inc.
Dave Gentry
1-800-RED-CHIP (733-2447)
or 407-491-4498
Arec@redchip.com
JTC Team, LLC
Jenene Thomas
833-475-8247
arec@jtcir.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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