Companies enter into a Memorandum of Understanding (MOU) to develop a circular, commercial partnership
ReElement will utilize its proprietary technology for rare-earth magnet recycling and ore purification to produce magnet-grade rare earth oxides to power Vulcan's fully-domestic magnet manufacturing
FISHERS, IN / ACCESSWIRE / October 14, 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 US-based magnet manufacturer Vulcan Elements ("Vulcan"). This MOU initiates a Joint Development Agreement and Operating Agreement aimed at establishing a fully domestic and allied nation supply chain for rare earth permanent magnets.
This collaboration will integrate ReElement's efficient magnet recycling and rare earth ore refining processes into Vulcan Elements' fully domestic rare earth magnet manufacturing. ReElement will provide Vulcan with both magnet-grade heavy and light rare earth elements essential in high-performance permanent magnets, while also recycling any magnet manufacturing scrap to re-enter the manufacturing process.
Mark Jensen, CEO of ReElement Technologies commented, "We have been collaborating with the Vulcan team for several months, and we are excited about the opportunity to work together to address our national security and supply chain needs. Vulcan's deep understanding of the permanent magnet industry, particularly within our defense industrial base, enables us to drive efficiencies and execute meaningful solutions where they are most needed. This partnership also highlights ReElement's ability to catalyze and synthesize a healthy and sustainable supply chain. Additionally, we our confident that the unique attributes of our platform technology will continue to enhance our ability to source quality feedstock from around the world to support our current and developing manufacturing base."
John Maslin, CEO of Vulcan Element added, "Vulcan Elements is on a mission to secure and decarbonize the supply chain of rare earth magnets for the U.S. and its allies. The team at ReElements is aligned and we have been impressed with their technology and focus. Vulcan Elements is excited to be working with a domestic partner that can provide the low carbon materials needed for critical defense, aerospace, and automotive components."
In addition to providing magnet-grade rare earth elements to Vulcan's magnet manufacturing and recycling scrap material, the companies will also assess potential sites to co-locate facilities, aiming to enhance efficiencies and synergies within the magnet supply chain.
ReElement utilizes its patented technology for the separation and purification of rare earth and critical battery and defense 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, 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 Vulcan Elements
Vulcan Elements manufactures neodymium-iron-boron permanent magnets in the U.S., enhancing domestic supply chain security for defense, aerospace, automotive, and green technology companies. Vulcan Elements' mission is to onshore the manufacturing of rare earth permanent magnets back into the U.S. and decarbonize the supply chain by incorporating recycled materials, renewable energy, and other green manufacturing methods to aid in the transition to a carbon neutral economy. From more information visit vulcanelements.com or connect with the Company on LinkedIn.
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
[email protected]
RedChip Companies Inc.
Robert Foley
1-800-RED-CHIP (733-2447)
[email protected]
Vulcan Elements
John Maslin
303-807-4815
[email protected]
Company Contact:
Mark LaVerghetta
317-855-9926 ext. 0
[email protected]
SOURCE: American Resources Corporation