American Resources Corp (AREC)

[RandyKCMO]

NEWS! American Resources Corporation Increases Equipment Fleet at Carnegie #1 Mine to Double Production Expansion
Thu, March 10, 2022, 7:00 AM·4 min read
In this article:

Company delivers second Joy 14cm15 continuous miner to expand production by 5,000 to 10,000 tons per month

FISHERS, IN / ACCESSWIRE / March 10, 2022 / 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 it has added to its fleet of equipment at its Carnegie #1 mine to double its production of high-quality metallurgical carbon to meet the strong demand of the current and future market.


Tarlis Thompson, COO of American Resources Corporation commented, "Equipment and people are the lifeline of any mining operation. We have built a great team at this operation and now with the delivery of this newly rebuilt continuous miner, the heart of an operation's equipment fleet, it will enable us to increase production and reduce the mine's overall cost structure. The current carbon market, like so many other commodities and industries, is extremely tight while facing supply chain and labor challenges, and prices are certainly reflecting that. We have heard the narrative that the industry's domestic production this year is sold out and we continue to see a supply-demand balance that corroborates that. Given our growth platform to supply the metallurgical carbon market with incremental supply, we are highly focused on our steady and continuous production ramp, and this milestone demonstrates our ability to do just that and we applaud our team for their accomplishments."

The Carnegie #1 mine produces high vol metallurgical carbon for the domestic and international steel industry. Located in Pike County, Kentucky, the Carnegie #1 mine accesses a large boundary of carbon in the Lower Alma seam. American Resources has now successfully delivered a second, fully rebuilt Joy 14CM15 continuous miner which was rebuilt by its internal rebuild shop over that past few months. The Company will utilize the second continuous miner at the Carnegie #1 mine under a modified or "walking" super section mine plan to increase the mine's sellable output to approximately 12,000 - 20,000 tons per month.

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.

https://www.accesswire.com/692402/American-Resources-Corporation-Increases-Equipment-Fleet-at-Carnegie-1-Mine-to-Double-Production-Expansion