AREC - American Resources selects Indiana site for critical mineral refining plant
2023-07-13 09:56:26 ET
American Resources ( NASDAQ: AREC ) said Thursday it has acquired a controlling interest in the former RCA Thomson manufacturing plant in Marion, Indiana, for ReElement Technologies' rare earth and battery material refining; financial terms were not disclosed.
The site includes 42 acres with 425K sq ft under roof, with ability to expand to 675K sq ft of purified rare earth and critical mineral production, the company said.
American Resources ( AREC ) said it will target initial capacity of 2 metric tons/day of purified rare earth elements sourced from end-of-life magnets, such as those found in high-efficiency motors, electric vehicles, wind turbines, power tools, and hard drives.
The company said the plant will be the largest such producer of heavy rare earth elements outside of China.
The facility also will target initial capacity of 50 metric tons/day of lithium-ion battery input material sourced from end-of-life batteries and manufacturing waste.
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American Resources selects Indiana site for critical mineral refining plant