American Resources Corporation (NASDAQ:AREC), a raw materials supplier, told investors Thursday that it has further reduced its environmental liabilities through the remediation of certain idled, non-core permits.
The company has been able to expedite its environmental reclamation process during the coronavirus (COVID-19) pandemic, receiving $400,000 of associated reclamation bonds. American Resources also said it has made progress in the reclamation process that would represent roughly $7 million in additional bonds.
"We are extremely proud of our team's efforts to efficiently pull forward our environmental reclamation work which we believe will drive significant long-term value for our shareholders, as well as demonstrates our ability to think outside the box during these past few months,” CEO Mark Jensen said.
Last month, American Resources announced the expansion of its subsidiary American Metals LLC’s metal recovery business. The company will aggregate, process and transport used steel to be recycled and sold to traditional and electric arc furnace steel production facilities.
“The launch of American Metals has enabled us to leverage our environmental work to create a valuable, high-margin revenue stream for the company, while also diversifying our product offerings that we can provide customers,” Jensen said. “We believe it is actions like this that separate us from our competitors."
Contact Andrew Kessel at [email protected]
Follow him on Twitter @andrew_kessel