Business
American Resources Corporation Receives Commitment of $4,900,000 in Federal Credits and Provides Update on West Virginia Tax Exempt Bond for Advanced Carbon, Rare Earth and Critical Element Processing
Federal commitment comes in the form of $4,900,000 in Federal New Markets Tax Credits (NMTC) for Wyoming County, West Virginia mining complex (WCC)NMTC
About this update from American Resources Corporation
[{"type":"text","content":"Federal commitment comes in the form of $4,900,000 in Federal New Markets Tax Credits (NMTC) for Wyoming County, West Virginia mining complex (WCC)NMTC allocation will be combined with the previously announced $45 million Tax-Exempt Industrial Development Bonds from West VirginiaUse of proceeds will fund the expansion and technological improvements to the existing WCC processing facility as well as the new construction of the rare earth and critical element processingCreation of domestically sourced rare earth and critical elements for the electrification economy will meet the stated goals of current U.S. administrationFISHERS, IN / ACCESSWIRE / August 9, 2022 / 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 in addition to its previously announced preliminarily approval for the issuance of, and a volume cap allocation for $45,000,000 of private activity, Solid Waste Disposal Facility Revenue Bonds, the Company has received an allocation commitment totaling $4,900,000 of federal New Markets Tax Credits for the Company's Wyoming County Coal complex located near the town of Oceana, West Virginia.Kirk Taylor, Chief Financial Officer of American Resources Corporation commented, \"We are excited to see the continued support of our innovative business model by both the federal and state governments. By securing additional patient and non-dilutive capital, we can focus on bringing new-age growth to the state of West Virginia that matches the needs of our modern and transitioning electrified economy. The integration of rare earth and critical element processing with premium carbon extraction is a first for the industry and enables us to showcase our full suite of patented technologies to better leverage the region's broader resource base. Our innovative approach allows us to produce both premium, mid vol carbon for steel and alloy metal production while capturing and processing critical and rare earth concentrates resulting in a more environmentally-safe refuse. We believe our WCC complex will help usher in the next generation of natural resource capabilities to the region, its workforce and communities while also helping fuel our domestic demand for rar...