Business
American Resources Corporation Provides Mining Reclamation and Environmental Update
Company is Reclaiming Irrational Thermal Coal Mines While Continuing Its Growth of Metallurgical Carbon for SteelmakingFISHERS, INDIANA / ACCESSWIRE /
About this update from American Resources Corporation
[{"type":"text","content":"Company is Reclaiming Irrational Thermal Coal Mines While Continuing Its Growth of Metallurgical Carbon for SteelmakingFISHERS, INDIANA / ACCESSWIRE / December 31, 2019 / American Resources Corporation (NASDAQ:AREC) (\"American Resources\" or the \"Company\"), a supplier of raw materials to the rapidly growing global infrastructure marketplace with a primary focus on the extraction, processing and distribution of metallurgical carbon to the steel and specialty alloy metals industries, is pleased to provide an update on its environmental reclamation of non-core mining properties. The Company's environmental focus is to continuously evaluate its mining permits and identify those properties that are at or below their proprietary (economic and environmental) margin and slate them for reclamation. Throughout the company's strategic acquisition plan, when an acquired mining complex involves both thermal and metallurgical properties, it immediately identifies such thermal coal permits, used for utility power generation, as below the margin.American Resources, since inception, has strategically acquired and restructured mining complexes to set itself up for being one of the fastest growing, lowest cost metallurgical carbon platforms in the Central Appalachian basin over the next few years through cost cutting and right-sizing operations to fit the current and future market conditions. To date, American Resources has acquired over 75 mining permits with an associated reclamation bonding amount in excess of $36 million. To date, the Company has reclaimed, or is currently working to complete reclamation, on 25 thermal mining sites with an associated environmental reclamation liability of over $16.7 million.Historically, the coal mining industry has deferred many environmental reclamation liabilities out for decades, instead of deeming such permits as \"reclamation only\" permits, in the hope that certain permits will rise above the margin and become active mines again in the future and/or to avoid permanent reclamation of such properties. American Resources, instead, has chosen not to defer that liability and deems such sites as \"reclamation only\" with a goal of remediating, and in certain cases, repurposing irrational mining sites that fall below the margin. Reclamation only permits are those that a company has decided to completely rec...