Sponsored research partnership with Purdue University demonstrates success in achieving high purity and isolated rare earth elements
Company's environmentally safe LAD Chromatography technology achieves 99.5 percent purity of Neodymium
FISHERS, IN / ACCESSWIRE / June 7, 2021 / 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 that, in conjunction with its sponsored research partnership with Purdue University, has successfully achieved a high purity of the rare earth element (REE), Neodymium (Nd), using its exclusively-licensed, ligand assisted displacement ("LAD") chromatography process and technology. Through the recycling of waste permanent magnets, the Company was able to separate, isolate and purify the inherent Neodymium to a 99.5 percent purity, a standard required for high quality permanent magnet manufacturing.
Mark Jensen, CEO of American Resources Corporation commented, "Having purification technology, as part of our "Capture, Process, Purify" technology process chain, that is able to produce isolated rare earth elements at a 99.5% purity or greater is a game changer for the commercialization and manufacturing of permanent magnets. Today we can say that we achieved this result alongside our technology partner at Purdue University at a cost point and environmental standard that is extremely competitive on a worldwide basis. This result is extremely exciting, and equally important for our nation as the demand and need for rare earth elements is growing at a pace north of 12% a year. We are not aware of any other technology in the world that can compete on costs or environmental standards and based on these results we are fully committed to bring this technology to the market as efficiently and effectively as possible."
Neodymium belongs to the lanthanide series and is a rare earth element. Developed independently in 1984 by General Motors and Sumitomo Special Metals, Neodymium magnets are considered the strongest type of permanent magnet available commercially. Such magnets have replaced other types of magnets in many applications that require strong permanent magnets, such as electric motors, hard disk drives and magnetic fasteners.
Linda Wang, Maxine Spencer Nichols Professor of Chemical Engineering at Purdue University, states, "Achieving a 99.5 percent purity level is a terrific milestone and showcases our ability to help restore the domestic supply chain of these critical materials and do so in a timeframe that the market demands. Additionally, our process chain of technologies enables us to enhance our domestic supply chain of these critical materials in the most sustainable and environmentally friendly and beneficial ways ever developed. We believe this is where the U.S. needs to be to drive innovation, become truly energy independent and compete with China. We are proud of our relationship with American Resources as well as the efforts of our staff and students at Purdue University!"
Under its recently expanded sponsored research program with Purdue University, the Company is refining and further advancing its REE purification technology for various feedstocks which include recycled waste permanent magnets, waste lithium-ion batteries and coal waste and byproducts using LAD chromatography. Additionally, the Company is in the final stage of site selection for its critical and REE purification facility which will initially be developed as a small-scale facility, with the ability to scale to full commercialization.
American Resources continues to focus on running efficient streamlined operations in being a new-aged supplier of raw materials to the infrastructure and electrification marketplace in the most sustainable of ways, while also helping the world achieve its goals of carbon neutrality. By operating with low or no legacy costs and having one of the largest and most innovative growth pipelines in the industry, American Resources Corporation works to maximize value for its investors by positioning its large asset base to best fit a new-aged economy, while being able to scale its operations to meet the growth of the markets it serves.
About American Resources Corporation
American Resources Corporation is a next-generation, environmentally and socially responsible supplier of high-quality raw materials to the new infrastructure market. The Company is focused on the extraction and processing of metallurgical carbon, an essential ingredient used in steelmaking, critical and rare earth minerals for the electrification market, and reprocessed metal to be recycled. American Resources has a growing portfolio of operations located in the Central Appalachian basin of eastern Kentucky and southern West Virginia where premium quality metallurgical carbon and rare earth mineral deposits are concentrated.
American Resources has established a nimble, low-cost business model centered on growth, which provides a significant opportunity to scale its portfolio of assets to meet the growing global infrastructure and electrification markets while also continuing to acquire operations and significantly reduce their legacy industry risks. Its streamlined and efficient operations are able to maximize margins while reducing costs. For more information visit americanresourcescorp.com or connect with the Company on Facebook, Twitter, and LinkedIn.
Special Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks, uncertainties, and other important factors that could cause the Company's actual results, performance, or achievements or industry results to differ materially from any future results, performance, or achievements expressed or implied by these forward-looking statements. These statements are subject to a number of risks and uncertainties, many of which are beyond American Resources Corporation's control. The words "believes", "may", "will", "should", "would", "could", "continue", "seeks", "anticipates", "plans", "expects", "intends", "estimates", or similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Any forward-looking statements included in this press release are made only as of the date of this release. The Company does not undertake any obligation to update or supplement any forward-looking statements to reflect subsequent events or circumstances. The Company cannot assure you that the projected results or events will be achieved.
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SOURCE: American Resources Corporation