American Resources Corp. commenced operations at its Perry County Resources (PCR) complex, following a yearlong process of restructuring and in response to increased demand for raw materials for steel and infrastructure projects. Throughout 2021, American Resources said it plans to steadily increase production at PCR to meet the demand of its customer base and anticipates 2021 full-year revenue in the range of $55 million to $75 million on a consolidated basis.
The PCR complex was restructured to focus on a more streamlined and efficient mine plan, processing capabilities and logistics, eliminating more than $40 million of annual costs and burdensome complexities, the company said. The PCR complex produces PCI and specialty stoker carbon used in the steel, alloy metals and infrastructure marketplace as well as being the company first hub to focus on the processing of critical and rare earth minerals, in an environmentally positive process, from coal-based sources.
“This is a monumental event for the company and the Perry County Resources complex given the amount of effort, investment and dedication we have put into this particular asset for the benefit of its future value, our shareholders and its surrounding community,” American Resources Chairman and CEO Mark Jensen said. “We feel we are at a significant inflection point with Perry County Resources being the launchpad to propel the company into our next and exciting phase of growth.”
The restart allows the company to generate stable cash flows for investors, a reliable supply of high-quality carbon for customers, and more than 170 steady and reliable jobs for the community, Jensen added.
The company said it also anticipates continued contribution from its growing American Metals subsidiary as well as initial revenue contribution from its American Rare Earth subsidiary.
Additionally, the company said it expects to restart its other four operating complexes, beginning with McCoy Elkhorn during the second half of 2021, and will update its future guidance accordingly.