American Resources Corp (NASDAQ:AREC) said on Monday it has signed a strategic partnership with Uzbekistan’s TMK LLC to develop a critical minerals value chain between the two countries, starting with sourcing and refining tungsten.
The agreement, signed in Washington DC, establishes a framework for joint development of sustainable and high-value production of tungsten and other strategic minerals essential to national security and advanced manufacturing, the company said.
Under the partnership, American Resources will broker tungsten concentrate from TMK and its affiliates and supply it to ReElement Technologies, in which American Resources holds a minority stake, and other US partners for refining into high-purity tungsten.
"This partnership exemplifies how technological innovation and trusted collaboration between nations can strengthen shared economic security,” said Mark Jensen, CEO of American Resources and ReElement Technologies.
“By combining Uzbekistan's natural resource potential with ReElement's advanced refining capabilities, we are building a foundation for a secure, scalable, and efficient supply of critical materials - starting with tungsten and expanding to germanium, lithium, and rare earth elements."
The collaboration aims to leverage Uzbekistan’s mineral resources and ReElement’s refining technologies to create a sustainable and globally competitive supply of critical minerals. It also includes potential cooperation on germanium, lithium, and rare earth elements used in strategic and high-tech industries.
As part of the framework, the companies will establish a Joint Working Group to develop technical and financial feasibility studies, investment structures, and project implementation plans. The initiative is expected to involve US and Uzbek financial institutions, sovereign wealth funds, and strategic investors.
“(W)e’re creating an efficient value chain that supports allied economic growth, enhances US industrial resilience, and promotes sustainable development abroad,” Jensen added.