The Bill would establish a strategic reserve of rare earth metal and rare earth metal products
The strategic reserve would build a one-year supply of rare earth elements to meet the United States’ domestic needs in the event of a supply disruption
FISHERS, IN / ACCESSWIRE / January 26, 2022 / American Resources Corporation (NASDAQ:AREC) (“American Resources” or the “Company”), a next generation and socially responsible supplier of rare earth and critical elements, carbon and advanced carbon materials to the new infrastructure and electrification marketplace, today announced its support of the proposed Restoring Essential Energy and Security Holdings Onshore for Rare Earths (REEShore) Act of 2022 introduced by Senators Tom Cotton (R-Arkansas) and Mark Kelly (D-Arizona).
Mark Jensen, CEO of American Resources commented, “In the first half of 2022 we will be operating our Noblesville, Indiana rare earth processing facility that will be producing isolated critical and rare earth elements to a 99.5% or greater purity through the recycling of end-of-life permanent magnets and lithium-ion batteries. There is an estimated $3 billion of rare earth metals that go to landfills yearly in the United States, but there is currently limited domestic permanent magnet manufacturing. Having the U.S. government put in place a strategic reserve to stockpile rare earth elements is imperative for national security, but will also assist in building the market for rare earth elements and rare earth magnet production capabilities domestically. Additionally, our technology and processes help address our national sustainability and supply chain challenges by closing the loop on the life cycle of these metals.”
The Company’s subsidiary, American Rare Earth LLC is finalizing the build of its Noblesville, Indiana Rare Earth and Battery Metals processing facility which is first focusing on the circular supply chain of these increasingly important raw materials. This first facility is being built with two production trains with the first being used to isolate and purify rare earth elements from end-of-life rare earth permanent magnets. These end-of-life magnets are considered super-grade or highly concentrated feedstocks of the rare earth elements neodymium (Nd), praseodymium (Pr) and dysprosium (Dy), essential in high-efficiency motors required in electric vehicles as well as defense and technology applications. The second production train is focused on refining black mass acquired from the recycling of spent lithium-ion batteries. American Rare Earth, through its patented process and technology, isolates and purifies all of the high value components of the black mass for resale including the lithium (Li), cobalt (Co), nickel (Ni), manganese (Mn), graphite and carbon black.
The REEShore Act Would:
- Create a Strategic Reserve of Rare-Earth Elements: Require the Departments of Defense and the Interior to create a strategic reserve of rare-earth elements and products by 2025. The reserve must meet the needs of the U.S. military, defense industrial and technology sectors, and other critical infrastructure for one year in the event of a supply disruption.
- Require Country of Origin Disclosure: Require Department of Defense contractors to track and disclose the origins of rare-earth magnets used in systems that it delivers to the U.S. military.
- Restrict Use of Chinese Rare-Earth Metals in Advanced Defense Technology: Prohibit Chinese rare-earth metals from being used in sensitive Department of Defense systems by 2026.
- Investigate China’s Unfair Trade Practices: Require the Office of the U.S. Trade Representative and Department of Commerce to submit a report to Congress on China’s unfair trade practices in the rare-earth metal market, with potential tariffs to follow.
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.
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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RedChip Companies Inc.
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SOURCE: American Resources Corporation
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