Consortium, led by Penn State, selected for Department of Energy award valued at approximately $1.2 million
Company expands its partnership with Penn State as a member of CORE-CM consortium
FISHERS, IN / ACCESSWIRE / May 5, 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 the Department of Energy's National Energy Technical Laboratory ("NETL") has selected a Consortium to Assess Northern Appalachia Resource Yield ("CANARY"), led by Penn State , which includes American Resources, for an award targeting rare earth element ("REE") and critical mineral recoveries from waste streams. The grant, Carbon Ore, Rare Earth and Critical Minerals (CORE-CM) Initiatives for U.S. Basins, will assess and catalog Northern Appalachian sources of REEs and critical mineral, assess and develop strategies used to recover REEs and critical minerals, assess the infrastructure, industries and businesses to determine supply chain gaps, and formulate plans to establish Technology Innovation Centers. The CANARY of CORE-CM proposed by Penn State and its partners will be under the direction of Dr. Sarma Pisupati, Director of Penn State's Center for Critical Minerals.
Mark Jensen, CEO of American Resources Corporation commented, "Penn State has been a great partner for us as we continue to create innovative ways to capture, process and purify critical and rare earth elements from coal-based waste and byproducts. We are honored to join this consortium with Penn State, and its other members, and to further our existing partnership. As a regional leader in the innovation of rare earth element production, one of the largest owners of mining infrastructure in the Appalachian region and control of over 21,000 surface acres, we are confident we can bring a lot of value to the consortium and are committed to supporting it to enlighten stakeholders on how this region can contribute in a very meaningful way in restoring the domestic supply chain of these critical resources that are essential to creating a cleaner and greener economy. Furthermore, producing these critical resources from coal waste streams and byproducts enables us to be low cost and environmentally friendly, which is necessary, in our view, to gain and sustain global competitiveness."
American Resources, to date, has acquired 16 patents and technologies specific to producing REEs and critical minerals from coal-based waste and byproducts as well as waste permanent magnets and lithium-ion batteries. Their "Capture - Process - Purify" process chain is focused on these specific feedstocks to create a highly sustainable and environmentally friendly supply source of these critical resources. The Company is committed to advancing its technology suite, which includes electrolysis processing and ligand-assisted chromatography purification, towards commercialization as efficiently and effectively as possible.
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. 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
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