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8-K - CURRENT REPORT - American Resources Corp | arec_8k.htm |
Exhibit 99.1
American Resources Corporation Expands Workforce of Perry County
Resources to Restart Complex
Company preparing to restart metallurgical carbon mining and
processing operations at restructured complex this
quarter
Perry County Resources restructured to be one of the lowest cost
and most innovative PCI and stoker operations in the United
States
October 12, 2020 | Source: American Resources
Corporation
FISHERS, INDIANA / ACCESSWIRE / October 12, 2020
/
American Resources Corporation (NASDAQ:AREC)
(“American Resources” or the “Company”), a
supplier of raw materials to the rapidly growing global
infrastructure marketplace, today provided an update on its
progress to commence mining operations at its Perry County
Resources (“PCR”) mining complex in Hazard, Kentucky.
In anticipation of restarting the PCR complex, the Company is in
the process of expanding the workforce at PCR to approximately 76
underground mine and 16 preparation plant employees in the
near-term, with a plan to grow to approximately 175 workers as the
complex expands its production base.
Tarlis Thompson, COO of American Resources Corporation commented,
“We are truly excited to restart the Perry County complex and
unveil it as one of the lowest cost, if not the lowest, PCI and
stoker operations in the United States. As we prepare to bring this
first-class operation back online this quarter following our
extensive restructuring efforts, we are confident that the
efficient, low-cost structure at Perry County will be a long-term,
stable provider of jobs to the local community. Furthermore, we
have some of the best employees in the industry and we look forward
to providing our customers with high-quality carbon products for
years to come.”
American
Resources has been a consolidator and operator of quality
metallurgical carbon assets in the Central Appalachian basin
(“CAPP”) to serve customers in the steelmaking,
specialty alloy metals, and industrial marketplaces. Its
next-generation model and philosophy is to restructure existing,
legacy operations to better fit the modern-day marketplace by
eliminating legacy costs and liabilities to significantly increase
the overall efficiency and profitability of its complexes. Perry
County Resources is one of the Company’s five operating
complexes within the CAPP.
Production
at PCR, which was idled post acquisition for the restructuring
process, has remained idle during the COVID-19 outbreak to ensure
a safe working environment, to protect
the health of its employees and others, to mitigate the spread of
the virus, and to better navigate the global economic disruption.
Beginning Monday, October 12, 2020, as previously stated, the
Company will begin the final underground development of installing
seals to close off the mine’s old works before restarting
production. The installation of the seals will further reduce the
E4-2 mine’s operating cost and most importantly, will make
the mine significantly safer for its employees.
With
PCR’s restart, American Resources will initially operate the
complex’s E4-2 underground mine with one super section with
plans to ramp the mine’s production by utilizing two super
sections and one bridge section. This mining plan will ultimately
utilize five of the E4-2 mine’s current six continuous
miners. The Company will run two eight to ten-hour operating shifts
and one maintenance shift per pay, over 5.5 workdays per week. Once
fully ramped, the complex is expected to support approximately 175
long-term, stable jobs.
About American Resources Corporation
American Resources Corporation is a supplier of high-quality raw
materials to the rapidly growing global infrastructure market. The
Company is focused on the extraction and processing of
metallurgical carbon, an essential ingredient used in steelmaking.
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 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 market 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.
PR Contact:
Precision
Public Relations
Matt
Sheldon
917-280-7329
matt@precisionpr.co
Investor Contact:
JTC
Team, LLC
Jenene
Thomas
833-475-8247
AREC@jtcir.com
Company Contact:
Mark
LaVerghetta
317-855-9926
ext. 0
Vice
President of Corporate Finance and Communications
investor@americanresourcescorp.com
Source:
American Resources Corporation