American Resources Corporation’s Carnegie 1 mine set to double metallurgical carbon production with development of bridge section
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The bridge section, when completed, will add approximately $2.25 to $3.5 million per month in incremental revenue.
FISHERMEN, IN /ACCESSWIRE/July 29, 2022/ American Resources Corporation (NASDAQ: AREC) (“American Resources” or the “Company”), a next-generation, socially responsible provider of rare earths and critical elements, carbon and advanced carbonaceous materials for the new infrastructure market and electrification, announced today that it is developing its second section which will function as a continuous haulage bridge section, which when completed is expected to add $2.25-3.5 million per month of revenue at current market prices.
Mark Jensen, CEO of American Resources, commented, “Our Carnegie series of mines and the McCoy Elkhorn complex are major contributors to our revenue, cash flow and future growth. Carnegie 1 is a very young mine at which we have advanced to the point in the resource seam where we can expand our mine plan by adding additional sections and further reduce the overall cost structure and increase performance Given our extensive equipment and our asset base that we already own, we are able to bring this bridge section online with very little CAPEX and highlights the flexibility and growth attributes of our mining rig. Expanding an existing mine using owned equipment is the highest margin growth method in today’s market environment because it does not require the same labor costs, energy or equipment to expand an existing mine than to start a new mine, making this a highly accretive opportunity for the Company. »
The company’s Carnegie 1 team is currently setting up the necessary ventilation to start the added bridge section which is expected to start production within the next 60 to 90 days. The Carnegie 1 mine produces high-volume metallurgical carbon that is not burned for energy purposes. Instead, specific characteristics allow it to be mixed with iron to make new steel. This grade of product is in high demand in the current market environment given the growth in global infrastructure coupled with continuing supply constraints, as many producers in the United States produce from former mines whose operations is expensive and reaching the end of its life. American Resources focuses on mining plans and operations designed to be low cost with a mine life ranging from 20 to 40+ years, while making them safer and more productive.
American Resources continues to focus on running efficient, streamlined operations by being a new-age raw material supplier to the infrastructure and electrification market in the most sustainable way, while helping the world achieve its carbon neutrality objectives. 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 strives to maximize value for its investors by positioning its vast base of assets to better adapt to a new economy, while being able to adapt 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 for the new infrastructure market. The Company focuses on the mining and processing of metallurgical carbon, an essential ingredient used in the manufacture of steel, critical minerals and rare earths for the electrification market, and reprocessed metal for recycling. American Resources has a growing portfolio of operations located in the Central Appalachian Basin of eastern Kentucky and southern West Virginia, where deposits of premium metallurgical carbon and rare earth minerals are concentrated.
American Resources has established an agile, low-cost, growth-focused business model that provides a significant opportunity to expand its asset portfolio to meet growing global infrastructure and electrification markets while continuing to acquire operations and significantly reduce their industrial legacy 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 American Rare Earth LLC
American Rare Earth is redefining how critical elements and rare earths are both obtained 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 than waste streams and coal-based by-products to create a low-cost, environmentally friendly circular supply chain. American Rare Earth has developed its innovative and scalable solution “Capture-Proceed-Purify” process chain in conjunction with its licensed intellectual property, including 16 patents and technologies and sponsored research partnerships with three leading universities to support the nation’s growing supply chain demand for metals for magnets and batteries. For more information, visit arareearthcorp.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 results, performance or industry achievements or results differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. These statements are subject to a number of risks and uncertainties, many of which are beyond the control of American Resources Corporation. The words “believe”, “may”, “will”, “should”, “do”, “could”, “continue”, “seek”, “anticipate”, “plan”, “expect”, ” intends”, “estimates” or similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. All forward-looking statements included in this press release speak only as of the date of this release. The Company undertakes no 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 occur.
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THE SOURCE: American Resource Company
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