Applied Minerals Inc (AMNL)

[Paullee]

Applied Minerals Enters into Multi-Year Iron Oxide Supply Agreement
ACCESSWIRE ACCESSWIRE•December 9, 2019
NEW YORK, NY / ACCESSWIRE / December 9, 2019 / Applied Minerals, Inc. (the "Company" or "Applied Minerals") (AMNL), a leading global producer of halloysite clay, under the trade name DRAGONITE, and advanced natural iron oxides, under the trade name AMIRON, is pleased to announce it has entered into a definitive agreement with one of the largest cement manufacturers in the United States to supply up to 30,000 tons per year of crushed, unmilled iron oxide for a two-year period. The Company has commenced delivery with respect to this agreement.

Iron oxide is a key ingredient in the production of cement. A number of cement producers have tested the Company's iron oxide and have determined it meets their production requirements. The Company believes the mercury content of its iron oxide falls below the maximum levels allowed by most cement producers.

"We are very excited to identify this additional market for our iron oxide product. While our primary focus is still on the continued commercialization of our halloysite resource, the exploitation of our iron oxide resource will provide the Company an additional source of cash flow. We are focused on developing other customers within the cement industry for our iron oxide product," says Mario Concha, CEO of Applied Minerals.

The Company's ultimate goal is to scale its production of iron oxide to 100,000 to 200,000 tons per year. The most recent resource study performed for the Company's mine indicates that it has the capacity to supply at these levels for at least 15 years.