American Resources Corporation (NASDAQ:AREC) announced that it has added to its fleet of equipment at its Carnegie #1 mine to double the production of high-quality metallurgical carbon to meet strong demand.
“We have built a great team at this operation and now with the delivery of this newly rebuilt continuous miner, the heart of an operation's equipment fleet, it will enable us to increase production and reduce the mine's overall cost structure,” said Tarlis Thompson, chief operating officer of American Resources, in a statement
“The current carbon market, like so many other commodities and industries, is extremely tight while facing supply chain and labor challenges, and prices are certainly reflecting that. We have heard the narrative that the industry's domestic production this year is sold out and we continue to see a supply-demand balance that corroborates that.”
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Thompson added: “Given our growth platform to supply the metallurgical carbon market with incremental supply, we are highly focused on our steady and continuous production ramp, and this milestone demonstrates our ability to do just that and we applaud our team for their accomplishments."
The Carnegie #1 mine produces high-volume metallurgical carbon for the domestic and international steel industry. Located in Pike County, Kentucky, the mine accesses a large boundary of carbon in the Lower Alma seam.
American Resources said it has now successfully delivered a second, fully rebuilt Joy 14CM15 continuous miner, which was rebuilt by its internal rebuild shop over the past few months.
The company said it will utilize the second continuous miner at the Carnegie #1 mine under a modified or "walking" super section mine plan to increase the mine's sellable output to approximately 12,000 - 20,000 tons per month.
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.
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