Companies enter into a Memorandum of Understanding (MOU) to develop a commercial partnership for rare earth element refining, recycling and offtake
ReElement will utilize its proprietary technology for rare-earth magnet recycling and ore purification to produce magnet-grade rare earth oxides to power POSCO's magnet manufacturing
FISHERS, IN / ACCESSWIRE / November 21, 2024 / American Resources Corporation (NASDAQ:AREC) ("American Resources" or the "Company") announced today that its wholly owned subsidiary, ReElement Technologies Corporation ("ReElement"), a leading provider of high-performance refining capacity for rare earth and critical battery elements, has signed a Memorandum of Understanding (MOU) with POSCO International ("POSCO").
This collaboration will integrate ReElement's efficient magnet recycling and rare earth ore refining processes into POSCO's global rare earth magnet manufacturing network. ReElement will become the primary North American refiner, supplying POSCO with both heavy and light rare earth elements, supporting POSCO's permanent magnet vertical as they satisfy the nearly $900MM in announced OEM contracts. Additionally, ReElement will recycle waste magnets and manufacturing scrap, reintroducing these materials into POSCO's production process. Together, ReElement and POSCO will also offer a circular supply chain solution for high-value magnet materials to POSCO's existing and future clients.
Mark Jensen, CEO of ReElement Technologies commented, "We have been collaborating closely with the POSCO team for several months and are excited about the opportunity to address rare earth element supply and sustainability challenges together. POSCO's extensive expertise and network in the permanent magnet industry and electrified economy enable us to drive efficiencies and implement impactful solutions where they are most needed. This partnership also highlights ReElement's ability to catalyze and build a robust and sustainable supply chain. Additionally, we are confident that the unique strengths of our platform technology will enhance our capacity to source quality feedstock from around the world to support our current and emerging manufacturing base. Offering POSCO's North American and European OEM customers a diversified supply chain for rare earth magnets is key to reducing volatility and costs in electric transition."
ReElement utilizes its patented technology for the separation and purification of rare earth and critical battery material. Unlike conventional solvent-based, hydrometallurgical processes that rely on toxic acids and solvents, ReElement maximizes surface area interface by using columns and resins. This innovative application of this longstanding technology significantly reduces CapEx, physical footprint, environmental impact and chemical usage, resulting in lower OpEx for mineral separation, purification and refinement.
The technology was developed over decades, drawing on expertise from commercially operating processes used in industries such as sugar refinement (for fructose and glucose) and pharmaceutical production, including commercial production of insulin.
ReElement Technologies is dedicated to leading the domestic supply chain for refined rare earth and critical battery elements, addressing both the electrified economy and national security needs. The Company has demonstrated that its patented chromatographic separation and purification technology is a cost effective, scalable, flexible and environmentally safe alternative to the legacy processes, which are both environmentally and socially harmful. As the Company expands and scales production across its own and partner facilities, it will play a key role in reducing U.S. dependence on foreign sources of critical raw materials while also fostering a true circular life-cycle solution.
Learn more about ReElement Technologies' process and technology here - Video.
About ReElement Technologies Corporation
ReElement Technologies Corporation, a wholly owned subsidiary of American Resources Corporation (NASDAQ:AREC), is a leading provider of high-performance refining capacity for rare earth and critical battery elements. Its multi-mineral, multi-feedstock platform technology focuses on the refining of recycled material from rare earth permanent magnets and lithium-ion batteries, concentrated ores and brines, as well as coal-based waste streams and byproducts to create a cost effective and environmentally-safe, circular supply chain. ReElement has developed its innovative and scalable "Powered by ReElement" process which collaboratively utilizes its exclusively licensed intellectual property within its partners' material processing flow sheets to more efficiently support the global supply chain's growing demand for magnet and battery-grade products. For more information visit reelementtech.com or connect with the Company on Facebook, Twitter, and LinkedIn.
About POSCO
POSCO is a global leader in steel production and advanced materials, committed to pioneering sustainable and innovative solutions for a greener future. With a strong foundation in steel manufacturing, POSCO has expanded its operations to include eco-friendly materials, energy solutions, and cutting-edge technologies that drive the electric vehicle and renewable energy industries. Through continuous investment in clean energy projects and the development of advanced materials like GIGA STEEL and secondary battery materials, POSCO supports the transition to a low-carbon economy. As a trusted partner to clients worldwide, POSCO is dedicated to creating a more resilient and sustainable supply chain while enhancing shareholder value through strategic growth and innovation.
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.
Investor Contact:
JTC Team, LLC
Jenene Thomas
(908) 824 - 0775
arec@jtcir.com
RedChip Companies Inc.
Robert Foley
1-800-RED-CHIP (733-2447)
Info@redchip.com
Company Contact:
Mark LaVerghetta
317-855-9926 ext. 0
investor@americanresourcescorp.com
SOURCE: American Resources Corporation
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