Business
American Resources Corporation Commences Initial Sales and Shipments from its Reopened McCoy Elkhorn Complex
Company's Carnegie 1 mine is ramping production in one of the strongest metallurgical carbon markets over the last decadeCarnegie 1 mine is currently running
About this update from American Resources Corporation
[{"type":"text","content":"Company's Carnegie 1 mine is ramping production in one of the strongest metallurgical carbon markets over the last decadeCarnegie 1 mine is currently running a seven day a week schedule and adding additional production and maintenance shiftsFISHERS, IN / ACCESSWIRE / November 11, 2021 / 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 begun selling and shipping metallurgical carbon produced from its recently reopened Carnegie 1 mine. Shipments of carbon are being sold to its customer base to be used for steel making in both the international and domestic steel markets.Located in Pike County, Kentucky, the Company's Carnegie 1 mine is an underground mine producing high vol metallurgical carbon from the Lower Alma seam and part of both the Company's broader Carnegie mining complex and its McCoy Elkhorn processing and logistics facility. Carbon extracted from the Carnegie mines is transported to the nearby McCoy Elkhorn complex where it is processed, loaded and shipped to domestic and international metallurgical (steel making) customers.Mark Jensen, CEO of American Resources Corporation commented, \"It's always a rewarding day for our team when we see our efforts bear fruit by getting our first Carnegie mine reopened, as well as our McCoy Elkhorn facility, up and running and now shipping carbon to our steel customers. We are in a very fortunate spot to be expanding production of high-quality, steel-making carbon in a market that is seeing constrained supply struggling to meet worldwide infrastructure demands. The changes our team has made at this complex are focused on safety, cost and efficiency. While the Carnegie 1 mine was in production briefly before the COVID-19 pandemic hit our region, the mine is essentially new, allowing us to efficiently produce a quality product with decades of mine life. Our Carnegie 2 mine will subsequently be brought online in short order as we have already invested the development capital and have secured the contract mining company to operate this new mine which will access the same boundary of carbon from a different direction as our Carnegie 1 mine.\"In addition to its Carnegie 1 and Carnegie 2 mines, th...