Business
American Resources Corporation Acquires Two Additional Continuous Miners for Perry County Resources
Company preparing to restart metallurgical carbon mining and processing operations at restructured complexPerry County Resources restructured to be one of the
About this update from American Resources Corporation
[{"type":"text","content":"Company preparing to restart metallurgical carbon mining and processing operations at restructured complexPerry County Resources restructured to be one of the lowest cost and most innovative PCI (pulverized coal injection) and stoker operations in the United StatesFISHERS, IN / ACCESSWIRE / August 11, 2020 / American Resources Corporation (NASDAQ:AREC) (\"American Resources\" or the \"Company\"), a supplier of raw materials to the rapidly growing global infrastructure marketplace, announced today that the Company has signed a contract to acquire two additional continuous miners for their Perry County Resources (\"PCR\") mining complex in Hazard, Kentucky.The PCR complex was acquired in September 2019 and has undergone a major restructuring. In anticipation of restarting the PCR complex within the next thirty days, American Resources is expanding its fleet of continuous miners to fit its restructured and low-cost operating model. With the addition of the two continuous miners the Company will now have six continuous miners as it restarts and ramps production.Mark Jensen, Chairman and CEO of American Resources Corporation commented, \"We are truly excited to restart the Perry County complex and unveil it as one of the lowest cost, if not the lowest, PCI and stoker operations in the United States. We applaud our team for the tremendous achievements made over the last several months to reduce over $45 million of costs and implement our strategic plan moving forward. Since acquiring it out of bankruptcy, we have invested a significant amount of time and resources into the complex to return it back into an efficient and productive operation. Now with six continuous miners, up from the one continuous miner that was operational when we acquired PCR, we feel we are in a really good position to ramp up the complex very efficiently and look forward to doing so in the near future.\"Over the next twelve months, American Resources anticipates ramping up carbon production at PCR to have five continuous miners in operation with two \"super\" sections and one bridge section, allowing the mine to scale with maximum efficiency. The Company also anticipates adding additional continuous miners to the fleet at PCR to have a high degree of redundancy to minimize any unexpected equipment down-time. Additionally, the Company is anticipating through its ...