Business
American Resources Bolsters Environmental Efforts Amidst COVID-19 Pandemic
Company increasing environmental reclamation efforts and efficiencies with strategy to further enhance long-term value and further reduce long-term cost
About this update from American Resources Corporation
[{"type":"text","content":"Company increasing environmental reclamation efforts and efficiencies with strategy to further enhance long-term value and further reduce long-term cost structure Company is fastest growing U.S. supplier of high-quality met carbon and well positioned to serve long-term steel markets driven by global infrastructure demandFISHERS, IN / ACCESSWIRE / June 3, 2020 / American Resources Corporation (NASDAQ:AREC) (\"American Resources\" or the \"Company\"), a supplier of raw materials to the rapidly growing global infrastructure marketplace with a primary focus on the extraction, processing, transportation and distribution of metallurgical carbon to the steel and specialty metals industries, today announced the expansion of its environmental efforts by adding a third environmental reclamation crew. The Company continually evaluates its large number of mining permits to identify properties that are at or below their proprietary (economic and environmental) margin and slates them for reclamation to permanently restore the environmental impact and thereby reduce the Company's long term cost structure. Additionally, as a pure-play metallurgical carbon producer, any and all acquired thermal coal related permits are also slated for environmental reclamation.American Resources has acquired over 80 mining permits with an estimated reclamation bonding amount of over $41 million. To date, the Company has reclaimed or is currently working to complete reclamation, on 25 thermal mining sites with an associated environmental reclamation bonding liability amount of over $16.7 million. Given its accelerated environmental efforts, the Company has added an additional crew and working with its contractors to continually reduce this exposure.Mark Jensen, Chairman and CEO of American Resources Corporation commented, \"During the COVID-19 outbreak, our first priority was to ensure the safety of our workers; thereafter, we wanted to utilize this time to increase efficiencies at our operations for the long-term and are incredibly proud of the progress made on that front. We believe producing carbon at a loss is a horrible idea, however it is an unavoidable practice for some producers in our industry because of their significant holding costs. Enabled by our low corporate overhead and our dedication to not wasting valuable resources, we have chosen to focus on ...