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American Resources Corporation's American Carbon Expands Production at Its Carnegie 2 Metallurgical Mine
Development expected to double the production at Carnegie 2 metallurgical carbon mineCompany is utilizing existing equipment from its fleet to efficiently
About this update from American Resources Corporation
[{"type":"text","content":"Development expected to double the production at Carnegie 2 metallurgical carbon mineCompany is utilizing existing equipment from its fleet to efficiently expand production and minimize the capex thereby increasing rate of return to shareholdersFISHERS, IN / ACCESSWIRE / March 2, 2023 / American Resources Corporation (NASDAQ:AREC) (\"American Resources\" or the \"Company\"), through its subsidiary, American Carbon Corporation, a leading producer of high quality metallurgical and specialty carbon, announced that it has expanded production at its Carnegie 2 metallurgical carbon mine in Pike County, Kentucky, by adding a second operating section. It is expected that the production from this section will initially ramp up to approximately 9,000 to 12,000 additional tons per month.Mark Jensen, CEO of American Resources commented, \"Our McCoy Elkhorn complex is a showcase operation that possesses a significant opportunity for growth from our internal portfolio of assets. We applaud the hard work that the men and women onsite have put forth and the effort to achieve this growth safely and efficiently and to capitalize on the strength of the metallurgical carbon market. Adding a second operating section at this already producing mine is one of the highest margin growth opportunities we can execute upon as a company, given no additional fixed costs and minimal additional variable costs are needed to achieve the incremental growth of production. Now that this has been achieved, we look forward to focusing on additional growth expansion at the McCoy Elkhorn complex, while we continue to minimize capex costs and maximize speed to market.\"American Resources Corporation over the years has acquired a significant fleet of underground and surface equipment that it can utilize to expand production. This new expansion at Carnegie 2 is utilizing almost entirely owned equipment that the Company has been able to acquire over the years. The Company is still in possession of over three additional full operating sections of equipment that it intends to use for Carnegie 1 expansion, the Company's upcoming Mine #15A expansion, as well as its Wyoming County Coal LLC complex that it is currently developing. In the current market, owning quality assets and equipment for efficient growth offers a significant competitive advantage, given the current tightness...