Business
American Resources Corporation Commences Production of Carnegie 2 Metallurgical Carbon Mine
Initial production is ahead of schedule with committed offtake, resulting in near-term revenue growthNew metallurgical carbon mine provides steel industry
About this update from American Resources Corporation
[{"type":"text","content":"Initial production is ahead of schedule with committed offtake, resulting in near-term revenue growthNew metallurgical carbon mine provides steel industry with much-needed supply of raw materials for worldwide infrastructure growthFISHERS, IN / ACCESSWIRE / July 22, 2022 / American Resources Corporation (NASDAQ:AREC) (\"American Resources\" or the \"Company\"), a next generation and socially responsible supplier of rare earth and critical elements, carbon and advanced carbon materials to the new infrastructure and electrification marketplace, today announced that it has commenced initial production at its greenfield Carnegie 2 metallurgical carbon operation ahead of schedule. Following the mine's initial development production, the Company will increase the output of its Carnegie 2 mine over the next several months to fully expand and maximize production, revenues and cashflow.Mark Jensen, CEO of American Resources commented, \"We are proud of our team, led by Tarlis Thompson, to get the Carnegie 2 mine into production ahead of schedule and within budget. Supply chain issues and inflationary pressures continue to present challenges for many industries, however our extensive asset base and the efforts of our team has enabled us to utilize internal resources to get this mine into a great position to produce for our customers and shareholders. Our McCoy Elkhorn complex will be an area of growth for our business given the quality of the carbon and the ability to bring on a meaningful amount of incremental new mine production, or expand our existing mines, to feed the global growth in the steel industry. Our focus is to bring a low-cost, low-risk and high-quality supply of metallurgical carbon to the market as we believe there are a substantial number of high-cost, end-of-life mines that will decline over the next five years. Our platform puts us in a great position to feed the global demand from these new opportunities yet maintain a low environmental impact on operations while still achieving our negative net acres impact commitment due to our continued land reclamation efforts to further reduce the overall cost for the business.\"The Carnegie 2 mine is a new operation that has 20+ years of low-cost, safe mining due to no old works and favorable mining conditions. This operation produces high vol metallurgical carbon from the same ...