Business
American Resources Corporation Expands Carbon Production with the Restart of its McCoy Elkhorn Complex and Secures Initial Sales Contracts
Company's Carnegie 1 mine restarts production in one of strongest metallurgical carbon markets since 2006/2007Carnegie 1 mine produces a high volatile
About this update from American Resources Corporation
[{"type":"text","content":"Company's Carnegie 1 mine restarts production in one of strongest metallurgical carbon markets since 2006/2007Carnegie 1 mine produces a high volatile metallurgical carbon used in the steel making industry for infrastructure needs worldwideCompany currently evaluating multiple additional sales opportunities for 2022 and beyondFISHERS, IN / ACCESSWIRE / October 8, 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 restarted production of its McCoy Elkhorn processing and logistics complex as well as its Carnegie 1 mine. The Company's Carnegie 1 mine produces high-quality, metallurgical carbon from the Alma carbon seam and is used for steel making. Additionally, American Resources has signed sales commitments for this fourth quarter of 2021's production at its Carnegie 1 mine. The baseload committed sales for the fourth quarter from Carnegie 1 enables the Company to take advantage of the currently strong metallurgical carbon market while also evaluating multiple opportunities for 2022 contracts.Kirk Taylor, Chief Financial Officer of American Resources Corporation commented, \"We are proud of our teams' accomplishment of identifying high-value assets, repositioning them for a sustainable future and executing on the ramp up of these assets into opportune market environments. Our Carnegie 1 mine should be one of the lowest cost operations in the US met carbon industry and is set up with a great spread of newly refurbished equipment and fully rehabbed mining infrastructure. Our Carnegie 1 mine is just the start of what our McCoy Elkhorn complex will be able to accomplish over the coming years!\"The Carnegie 1 mine will be operated as a walking super section whereby utilizing two continuous miners operating on one section to eliminate inefficiencies and maximize production. The Company has recently acquired and rebuilt two continuous miners and three completely rebuilt wide body shuttle cars. The mine will operate on two production shifts and one maintenance shift per day.Beyond its Carnegie 1 mine, American Resources will subsequently bring its Carnegie 2 mine online early in 2022 which accesses the same boundary of carbon to supplement...