American resources corporation receives commitment of $4,900,000 in federal credits and provides update on west virginia tax exempt bond for advanced carbon, rare earth and critical element processing

Federal commitment comes in the form of $4,900,000 in federal new markets tax credits (nmtc) for wyoming county, west virginia mining complex (wcc) nmtc allocation will be combined with the previously announced $45 million tax-exempt industrial development bonds from west virginia use of proceeds will fund the expansion and technological improvements to the existing wcc processing facility as well as the new construction of the rare earth and critical element processing creation of domestically sourced rare earth and critical elements for the electrification economy will meet the stated goals of current u.s. administration fishers, in / accesswire / august 9, 2022 / american resources corporation (nasdaq:arec) ("american resources" or the "company"), a next generation and socially responsible supplier of raw materials to the new infrastructure and electrification marketplace, today announced in addition to its previously announced preliminarily approval for the issuance of, and a volume cap allocation for $45,000,000 of private activity, solid waste disposal facility revenue bonds, the company has received an allocation commitment totaling $4,900,000 of federal new markets tax credits for the company's wyoming county coal complex located near the town of oceana, west virginia. kirk taylor, chief financial officer of american resources corporation commented, "we are excited to see the continued support of our innovative business model by both the federal and state governments.
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