American Resources Corporation (NASDAQ:AREC) announced today that its wholly owned subsidiary, ReElement Technologies Corporation ("ReElement"), a leading provider of high-performance refining capacity for rare earth and critical battery elements, has signed a Memorandum of Understanding (MOU) with POSCO International ("POSCO").
This collaboration will integrate ReElement's efficient magnet recycling and rare earth ore refining processes into POSCO's global rare earth magnet manufacturing network. ReElement will become the primary North American refiner, supplying POSCO with both heavy and light rare earth elements, supporting POSCO's permanent magnet vertical as they satisfy the nearly $900MM in announced OEM contracts. Additionally, ReElement will recycle waste magnets and manufacturing scrap, reintroducing these materials into POSCO's production process. Together, ReElement and POSCO will also offer a circular supply chain solution for high-value magnet materials to POSCO's existing and future clients.
Mark Jensen, CEO of ReElement Technologies commented, "We have been collaborating closely with the POSCO team for several months and are excited about the opportunity to address rare earth element supply and sustainability challenges together. POSCO's extensive expertise and network in the permanent magnet industry and electrified economy enable us to drive efficiencies and implement impactful solutions where they are most needed. This partnership also highlights ReElement's ability to catalyze and build a robust and sustainable supply chain. Additionally, we are confident that the unique strengths of our platform technology will enhance our capacity to source quality feedstock from around the world to support our current and emerging manufacturing base. Offering POSCO's North American and European OEM customers a diversified supply chain for rare earth magnets is key to reducing volatility and costs in electric transition."
ReElement utilizes its patented technology for the separation and purification of rare earth and critical battery material. Unlike conventional solvent-based, hydrometallurgical processes that rely on toxic acids and solvents, ReElement maximizes surface area interface by using columns and resins. This innovative application of this longstanding technology significantly reduces CapEx, physical footprint, environmental impact and chemical usage, resulting in lower OpEx for mineral separation, purification and refinement.
The technology was developed over decades, drawing on expertise from commercially operating processes used in industries such as sugar refinement (for fructose and glucose) and pharmaceutical production, including commercial production of insulin.
ReElement Technologies is dedicated to leading the domestic supply chain for refined rare earth and critical battery elements, addressing both the electrified economy and national security needs. The Company has demonstrated that its patented chromatographic separation and purification technology is a cost effective, scalable, flexible and environmentally safe alternative to the legacy processes, which are both environmentally and socially harmful. As the Company expands and scales production across its own and partner facilities, it will play a key role in reducing U.S. dependence on foreign sources of critical raw materials while also fostering a true circular life-cycle solution.
Learn more about ReElement Technologies' process and technology here - Video.
