Business
American Resources Corporation Announces New Environmental Partnership
Company Creates Partnership with Environmental Remediation and Sustainable Community Development Company to Reclaim Thermal Coal Mine in Indiana while
About this update from American Resources Corporation
[{"type":"text","content":"Company Creates Partnership with Environmental Remediation and Sustainable Community Development Company to Reclaim Thermal Coal Mine in Indiana while Continuing Its Growth of Metallurgical Carbon for SteelmakingFISHERS, IN / ACCESSWIRE / January 28, 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, is pleased to announce a partnership with Land Betterment LLC., a sustainable community development company that focuses on the remediation of former coal mining sites and upcycling the land for sustainable economic opportunities, to reclaim the Company's non-core, idled thermal coal mine located within the Illinois Basin in Greene County, Indiana, known as the Company's Gold Star mine.Under the partnership, American Resources will enable Land Betterment to sell scrap metal, facilities and associated non-pledged equipment of the Gold Star mine to fund the complete reclamation of the prior thermal coal mining operation. In turn, Land Betterment will provide environmental remediation services at the mining site with the goal of repurposing certain areas for alternative commercial or community uses. As a result, upon completion American Resources will reduce its total environmental bonding liabilities by approximately $1.3 million with minimal costs to the Company.\"We are always looking for opportunities to reduce our environmental liabilities and have become much more proactive in our efforts to permanently shut down any of those liabilities associated with thermal coal within our portfolio,\" stated Mark Jensen, Chairman and CEO of American Resources Corporation. \"This partnership provides us with a viable solution to reduce such liabilities and will be something we could potentially expand on in the future allowing American Resources to focus on efficiently continuing the growth of its metallurgical carbon platform to service the steelmaking and infrastructure markets worldwide.\"American Resources Corporation continues to focus on its growth objective by efficiently leveraging its large number of core mining permits and through identifying strategic,...