Business
American Resources Corporation Enters into Long Term Lithium Spodumene Purchase Agreement in South Africa
Initial phase of agreement will procure 5,000 metric tons of lithium spodumene ore per month, and later phase expected to increase to over 20,000 metric tons
About this update from American Resources Corporation
[{"type":"text","content":"Initial phase of agreement will procure 5,000 metric tons of lithium spodumene ore per month, and later phase expected to increase to over 20,000 metric tons per month from two lithium mining concessionsCompany will leverage its world-leading and patented ReElement refining technology to produce ultra-pure lithium carbonate or hydroxideConcurrent with site selection for large-scale, South African refining facility to reduce logistics cost, carbon footprint and create local jobs and economic benefitsFISHERS, IN / ACCESSWIRE / June 7, 2023 / 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, today announced that it has entered into the first stage of a South African partnership through the signing of an offtake agreement to purchase 6%+ lithium spodumene ores from a series of regional operating mining concessions to be refined to greater than 99.9% pure, battery-grade lithium carbonate or hydroxide using its wholly-owned ReElement Technologies' patented refining and purification processes.Mark Jensen, CEO of American Resources Corporation commented, \"Our relationships throughout Africa are expediting our ability to drive supply chain efficiency and move quickly into the continent in a method that will both benefit our domestic supply chain for the supply of ultra-pure critical and rare earth elements, while at the same point provide an economic and social benefit to the African nations where we are operating. Our model is to work with the mining concessions to upgrade the value of the local feedstock sources through worldwide industry accepted processing standards using mechanized equipment, while also reinvesting back into these communities through the use of our revolutionary refining technologies, infrastructure, and job creation, thereby creating a higher tax basis for the local economies. Ultimately, our goal as a U.S. company is to drive value for our own nation and our partners by leveraging our patented, refining technologies to establish a highly resilient, cost-competitive, environmentally benign, and circular supply chain for the production of critical and rare earth minerals for our electrified economy and defense applications. For our shareholders, based...