Business
American Resources Corporation Announces Successful Closing of $45 Million West Virginia Economic Development Authority Solid Waste Disposal Facility Revenue Bond Issuance
$45 million Tax-Exempt Industrial Development Bonds will fund the expansion and technological improvements to the existing metallurgical carbon processing
About this update from American Resources Corporation
[{"type":"text","content":"$45 million Tax-Exempt Industrial Development Bonds will fund the expansion and technological improvements to the existing metallurgical carbon processing facility as well as the integration and construction of new rare earth processing capacityFISHERS, IN / ACCESSWIRE / June 9, 2023 / American Resources Corporation (NASDAQ:AREC) (\"American Resources\" or the \"Company\"), a next generation and socially responsible supplier of raw materials to the new infrastructure and electrification marketplace, today announced that it has successfully closed its offering of $45,000,000 principal amount of West Virginia Development Authority Solid Waste Disposal Facility Revenue Bonds, Series 2023, for the Company's Wyoming County Coal (\"WCC\") complex located near the town of Oceana, West Virginia. The bonds hold an interest rate of 9% and a maturity date of June 8, 2038.As previously stated by Senator Joe Manchin, Chairman of the U.S. Senate Energy and Natural Resources Committee, \"I've always said that innovation, not elimination, is key to securing our nation's energy and national security, and today's announcement is an example of just the type of innovation that will help ensure the United States remains a global energy leader. WCC's new mines and processing expansion will support over 100 jobs in the region once reopened. This complex will produce and process the metallurgical coal that provides the horsepower we need today alongside the rare earth elements necessary to build the advanced energy technologies of the future that our country needs. These mines and expanded metallurgical coal processing will make sure that West Virginia remains at the forefront of American steel manufacturing while building a new domestic supply chain of critical minerals that reduce our dependence on China and other nations that don't share our values. Our country can produce these materials cleaner than anywhere else in the world, and West Virginians are more than up to the job.\"Mark Jensen, Chairman and CEO of American Resources Corporation, said, \"This is a monumental event for our business, which represents the largest financing we have closed to date, enabling the implementation of high value innovation around the critical and rare earth element marketplace. Once operational our technology around producing rare earth and critical mineral concent...