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American Resources Corporation's American Carbon Corporation Completes Strategic Acquisition of 51% Interest in Iron Ore and Titanium Assets
Jamaican-based resource deposit further establishes American Carbon's foothold in the steelmaking supply chain for infrastructure development and
About this update from American Resources Corporation
[{"type":"text","content":"Jamaican-based resource deposit further establishes American Carbon's foothold in the steelmaking supply chain for infrastructure development and expansionAcquisition of mineral deposit and exclusive offtake rights for six percent of American Carbon establishes an acquisition value of approximately $19.3 millionInitial reserve analysis represents over 212.9 million tons of total feedstock depositsFISHERS, IN / ACCESSWIRE / February 7, 2024 / American Resources Corporation's (NASDAQ:AREC) (\"American Resources\" or the \"Company\") subsidiary American Carbon Corporation (\"American Carbon\"), an owner and operator of low-cost, high-quality metallurgical and specialty carbon assets, has acquired a 51% ownership interest in a diversified mineral asset with a focus on iron ore, titanium and vanadium with an initial estimated deposit of 212,925,000 tons of raw feedstock with an estimated 106,462,500 tons of ore body, based on an average of 50% magnetic material.Tarlis Thompson, Chief Executive Officer of American Carbon Corporation, emphasized the importance and expansion into the broader supply chain for infrastructure and steel inputs stated, \"This project is a diversified and high-quality asset that our team and colleagues have worked on for over a year to evaluate the market need and importance for high value assets in the iron ore and titanium markets. We believe the initial reserve analysis that has been completed and the assays of the material potentially make this a world class asset for iron ore, titanium as well as the potential for other critical and strategic elements. We are excited to work with our local partners as we further expand the reserve evaluation, mine plan, permitting and operational game plan to work with the local community utilizing low cost, highly environmentally sensitive technologies for mineral concentration and processing in the future.\"Mark Jensen, CEO of American Resources Corporation added, \"We currently sit at a very strategic and unique position within the global supply chain of high value raw materials and refined, technical-grade minerals. Our unique asset base, operational expertise, entrepreneurial foresight and nimble, low cost structure has enabled us to provide, what we think are, the most efficient and meaningful solutions in a highly-competitive, and geopolitical mineral supply chain...