Business
American Resources Corporation's ReElement Technologies Selects Location for Its Next Critical Mineral Refining Facility in Marion, Indiana
Site includes 42 acres with approximately 425,000 square feet currently under roof, with ability to expand to 675,000 square feet of purified rare earth and
About this update from American Resources Corporation
[{"type":"text","content":"Site includes 42 acres with approximately 425,000 square feet currently under roof, with ability to expand to 675,000 square feet of purified rare earth and critical mineral productionSite will produce ultra-pure battery elements (lithium, cobalt, nickel and manganese) and rare earth elements (neodymium, dysprosium and praseodymium) for EV battery and permanent magnet supply chainsFISHERS, IN / ACCESSWIRE / July 13, 2023 / American Resources Corporation's (NASDAQ:AREC) (\"American Resources\" or the \"Company\") wholly owned subsidiary, ReElement Technologies LLC, a leading provider of high performance refining capacity of battery and rare earth elements, is pleased to announce it has taken a controlling interest in the former RCA Thomson plant in Marion, Indiana, comprising 425,000 square feet manufacturing capacity on a 42 acre total campus for ReElement Technologies' rare earth and battery material refining.Mark Jensen, CEO of American Resources commented, \"After almost a year of careful analysis and extensive due diligence, we are excited to announce our expansion in Marion, Indiana for our second battery and rare earth element refining facility. This community lost nearly 4,000 jobs when the RCA Thomson facility shut down, and our redevelopment of this site is an incredible opportunity to become a major hub in the growing electrified economy for generations to come. The critical minerals refined in this facility will power products as diverse as the electric vehicle on the road to the F-35 fighter jets defending the US overseas. We are excited to have a community that shares our pride in powering America's tomorrow.\"Marion, Indiana was selected by ReElement Technologies for this next phase of expansion after several months of careful analysis and examination of several potential sites throughout the Midwest. The resulting size and scope of the facility is dependent upon finalizing and receiving city and state incentives, which is anticipated to support a range of 30 jobs with no incentives and scaling up to approximately 300 jobs with full anticipated incentives.At full scope, the site and facility will provide for:42 acres with ample areas for operations and future development;425,000 square feet of existing production facility space and support structures;250,000 square feet of additional foundation-ready space to expan...