American Resources Corp. (NASDAQ: (AREC) stock gained by 8.49% in the current market trading session. The next-generation, ecologically and socially responsible provider of high-quality raw resources to the modern infrastructure industry is American Resources Corporation.
AREC stock’ Significant Update
The McCoy Elkhorn processing and logistics complex, along with the Carnegie 1 mine, have now reopened for business, according to American Resources Corporation. From the Alma carbon seam, the Company’s Carnegie 1 mine produces high-quality, metallurgical carbon, which is utilized in steel production. Furthermore, American Resources has obtained sales obligations for output at its Carnegie 1 mine in the fourth quarter of 2021. Carnegie 1’s baseload contracted sales for the fourth quarter allowed the company to capitalize on the present strong metallurgical carbon market while also exploring several contract options for 2022.
To reduce inefficiencies and increase output, the Carnegie 1 mine will be run as a walking super section, with two continuous miners working on one section. Two continuous miners and three totally refurbished broad body shuttle vehicles were recently bought and rebuilt by the company. Every day, the mine will run two production shifts and one maintenance shift.
Furthermore,
In addition to its Carnegie 1 mine, American Resources plans to open its Carnegie 2 mine in early 2022, which will reach the same carbon boundary to boost output at the complex. Following that, the Company will put its Carnegie Surface mine online to satisfy the strong global steel market demand. The Company anticipates producing approximately 40,000 tonnes of carbon per month from its Carnegie complex, which will be handled at its adjacent McCoy Elkhorn plant and delivered into both local and foreign markets.
Kirk Taylor, Chief Financial Officer of American Resources Corporation stated,
They are pleased with their teams’ accomplishments in finding high-value assets, repositioning them for a long-term future, and ramping up these assets into favorable market situations. Their Carnegie 1 mine, which is set up with a wide range of newly renovated equipment and fully rehabbed mining infrastructure, should be one of the most cost-effective operations in the US met carbon sector. The Carnegie 1 mine is only the beginning of what their McCoy Elkhorn complex will be capable of in the years ahead!
