Published: December 21, 2021 | Share This

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American Resources Corporation said the West Virginia Economic Development Authority (WVEDA) preliminarily approved the issuance of, and a volume cap allocation for $45,000,000 of private activity, solid waste disposal facility revenue Bonds, series 2022 for the company’s Wyoming County Coal (WCC) complex located near the town of Oceana, West Virginia.

On December 16, 2021, the WVEDA approved a resolution preliminarily approving the issuance of up to $45,000,000 of tax-exempt solid waste disposal facility revenue bonds, Series 2022 on behalf of the company’s wholly-owned subsidiary, Wyoming County Coal LLC, and allocated $45,000,000 of West Virginia’s 2021 volume cap to such bonds. This allocation will be carried forward to 2022 by the WVEDA and is expected to be issued by the WVEDA during the first half of 2022. The company has engaged Citigroup Global Markets, Inc. to underwrite the bonds.

“We’re excited to have achieved this important milestone for our Wyoming County complex and our American Rare Earth division. The state of West Virginia has been great to work with and has been very supportive of the development of our advanced carbon and rare earth initiatives in the state. This proposed funding source will enable us to efficiently modernize and transform the complex to be the first in the industry process for both carbon and rare earth concentrates,” said Mark Jensen, CEO of American Resources Corporation.

“The planned transformation will expand the complex’s footprint to incorporate higher-efficiency carbon processing and logistics infrastructure while also broadening its resource potential to capture and process critical and rare earth elements. These improvements, which utilize our innovative suite of intellectual property, will allow us to produce the raw materials that support modern infrastructure and the growth of electrification and clean technologies in the most environmentally safe ways. These technological improvements will provide us the capabilities to improve the environmental standards in the region by reprocessing certain carbon-based waste sources for their critical and rare earth elements, while offsetting costs through the overall operations,” added Jensen.

“We expect our Wyoming County complex to support well over 100 well-paying jobs in the region once reopened and with our exclusive IP will transform how operations are built in the future,” concluded Jensen.

The WCC complex is strategically located within one of the last substantial mid-volatile metallurgical carbon deposits and, with direct access to the Norfolk Southern Railway, provides favorable transportation logistics to the United States’ east coast ports. Additionally, WCC is surrounded by a number of high-value metallurgical carbon reserves and remining sites that would otherwise be considered stranded without access to the WCC processing and logistics complex.

The company’s focus will initially be to bring the two new underground mines into production via a walking super section mine plan which will produce an estimated 55,000 tons of carbon per month, with further expansion potential as the mines are developed. American Resources will also look to upgrade and expand WCC’s carbon processing plant’s capacity, from its current 350 tons per hour rate, to approximately 700 ton per hour, while also incorporating the company’s innovative capture and process technology which will enable the facility to capture and process critical and rare earth elements from new carbon production and carbon-based waste sources to produce rare earth and critical element concentrates. The REE and CE concentrates produced will be transported to the company’s Indiana facility for further purification and isolation

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.

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