As part of strategic direction, the Company is focused on reducing long term liabilities from acquired assets to lower costs and improve the environment
Company has previously received bond releases on over 9,000 acres of impacted mining land from previously disturbed land from acquired assets
FISHERS, IN / ACCESSWIRE / April 2, 2024 / American Resources Corporation (NASDAQ:AREC) ("American Resources"), a next generation and socially responsible supplier of rare earth and critical elements, carbon and advanced carbon materials to the new infrastructure and electrification marketplace, announced today that its continued focus on proper environmental stewardship and cost structure reduction through reclamation and remediation of former mining operations has resulted in a reduction of over $1.05 million in environmental bonding liability. With these recent approvals, it will bring the total number of acres of prior impacted coal mining operations from acquired assets that the Company has reclaimed or released to over 9,000 acres from previously acquired impacted lands and stranded mining permits.
Tarlis Thompson, CEO of American Carbon Corporation commented, "We are proud of the efforts our team has put forth to reclaim land that was disturbed by prior mining companies, reducing our overall costs while providing a benefit to the community. We utilize existing permits from acquired assets so we don't disturb surface land. In fact, we have reclaimed more mines than any environmental organization we know of. We are proud of these efforts in Knott County and Letcher County, Kentucky to provide good usable land back to the region. By getting these bonds releases, we not only are improving the land and environment, but we are also lowering our cost structure as we get ready to ramp up production post our spin-off from American Resources Corporation. We are excited about our success and continual efforts to be the only mining company to our knowledge that has reclaimed 150x more land than it has ever disturbed."
The successful bond release of these associated submissions will bring the Company's total environmental reclamation bonds released to over $26 million and representing over 9,000 acres that has been reclaimed and released from the Company's liabilities.
About American Resources Corporation
American Resources Corporation (NASDAQ:AREC) 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.
Investor Contact:
JTC Team, LLC
Jenene Thomas
833-475-8247
[email protected]
RedChip Companies Inc.
Robert Foley
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Company Contact:
Mark LaVerghetta
Vice President of Corporate Finance and Communications
317-855-9926 ext. 0
[email protected]
SOURCE: American Resources Corporation