Appalachian coal miner American Resources said it has added to its near-term production opportunities, particularly at its McCoy Elkhorn complex in Kentucky, with the acquisition of operating rights to a PCI surface mine in Pike County.
Production from the newly added operation will be transported approximately 15 miles to the company’s processing facilities at McCoy Elkhorn; the company anticipates selling the tonnage to the PCI and specialty carbon markets.
Once ramped up, American said the acquisition will add 5,000 to 15,000 tons per month to its production run sheet.
A plan for production will be put into place in the coming 60 days.
“This job will add an additional 15 direct and indirect jobs to the local community. Additionally, bringing this operation online in the current market will help feed the massive shortage in the supply of high-quality carbon while allowing us to capitalize on current market prices,” president Thomas Sauve said.
No financial details were released for the transaction.
Source: americanresourcescorp.com