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American Resources Corporation Signs Methane Capture and Carbon Credit Agreement
Agreement will help reduce discharge of methane gas that was created by prior mine operatorsNo capital investment required by the Company will result in
About this update from American Resources Corporation
[{"type":"text","content":"Agreement will help reduce discharge of methane gas that was created by prior mine operatorsNo capital investment required by the Company will result in improved safety of the mine as American Carbon works towards its restart FISHERS, IN / ACCESSWIRE / July 2, 2024 / American Resources Corporation (NASDAQ:AREC) (\"American Resources\" or the \"Company\"), an innovative supplier of rare earth and critical elements, carbon and advanced carbon materials to the infrastructure and electrification marketplaces, today announce that its subsidiary, McCoy Elkhorn Coal LLC, has entered into an agreement to allow a third party to capture and process both coal bed methane (CBM) and coal mine methane (CMM) that is present and has been accumulating within the prior, sealed mining works within the Company's Mine #15 underground mine located in Pike County, Kentucky.This agreement is expected to generate revenues for the Company's control of existing surface rights and from certain old mine works from the Mine #15 permit. With the removal of methane from within parts of Mine #15, is also anticipated to improve the operating safety and cost structure of Mine #15 as American Carbon Corporation, the parent company of McCoy Elkhorn Coal, evaluates restarting certain metallurgical carbon operations at and around the McCoy Elkhorn mining complex.Mark Jensen, Chairman of American Resources stated, \"As most of our shareholders know, since American Resources acquired our mining assets and surface control rights, we have placed a huge emphasis on environmental stewardship and safety improvement when compared to the legacy companies from which we acquired these assets. Today, we are excited to continue that progress through this agreement that produces high-margin revenues for our American Resources Corporation investors at no capital outlay required by the Company through the monetization of credits available for methane capture and processing at our McCoy Elkhorn Mine #15 property, which was historically discharged into the atmosphere. Our American Carbon division is in the process of being spun off from the parent company of American Resources Corporation in order for the company to focus on the restart of several of our high quality metallurgical carbon mining operations, and is actively working with industry partners to restart Mine #15, and other m...