American Resources Corp (NASDAQ:AREC) and its subsidiary ReElement Technologies have signed a memorandum of understanding (MOU) with the American Samoa Economic Development Authority (ASEDA) to explore the development of a critical mineral refinery in the U.S. territory, the company said on Wednesday.
The project would focus on processing deep sea nodules found in the waters around American Samoa, targeting key materials such as copper, cobalt, nickel, manganese, and rare earth elements.
The partnership aims to create a sustainable, vertically integrated supply chain for critical minerals independent of China.
The initiative aligns with recent executive orders from US President Donald Trump encouraging domestic production of critical minerals and supporting the development of offshore resources.
The companies said the MOU also opens the possibility of leveraging existing military infrastructure for refining operations, as permitted by a March 2025 order promoting refineries on federal installations.
"Our team is excited to bring ReElement's advanced refining capabilities to this important mission and community,” said Mark Jensen, CEO and Chairman of ReElement.
Impossible Metals, a partner in the initiative, has advocated for permitting of deep sea mineral harvesting in US federal waters and contributed to regulatory efforts shaping seabed mining policy.
ASEDA Executive Director John Wasko called the initiative a way to unlock economic and strategic benefits for the territory. “We feel that the technology platform ReElement can bring will help secure critical mineral dominance as ordered by President Trump,” he said.
The agreement marks a step forward in ReElement’s strategy to process high-purity critical minerals domestically using its modular, low-waste refining platform.