American Resources Corporation (NASDAQ:AREC) said Tuesday it had started shipping specialty stoker carbon to customers from its Perry County Resources complex.
In an update to shareholders, the Fishers, Indiana-based energy firm said that it is ramping up the production of its mine using three continuous miners to boost carbon output for its baseload steel customers.
The company added that it plans to scale production to five continuous miners throughout the year.
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Tarlis Thompson, American Resources’ COO told investors that the shipments from Perry County Resources is the first since the company restructured the complex amidst the coronavirus pandemic.
“We are very excited to bring the complex back online to showcase our efficient low-cost structure, supply our customers with a high-quality, stable product and bring stable well-paying jobs back to this region,” Thompson said in a statement.
Perry County Resources, or PCR, is anticipated to reach its target capacity of 1 to 1.5 million tons of carbon per year.
American Resources also said it had deployed a crew to its McCoy Elkhorn (MEC) complex to prepare the operation for a restart. The crew is performing maintenance work at its Carnegie 1 mine and Bevins Branch processing facility as well as development work at its Carnegie 2 mine. Carnegie, which will serve as the company's baseload production at MEC, will be able to produce 350,000 to 500,000 of high-quality metallurgical carbon for the domestic and international steel making markets.
American Resources said it is is currently evaluating the carbon and steel markets to commence operations at MEC during the second- or third-quarter of 2021.
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