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American Resources updates on its operations and outlook amid coronavirus outbreak

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American Resources Corporation (NASDAQ:AREC) on Tuesday provided an update on its operations and outlook amid the global coronavirus (COVID-19) outbreak

The company noted that it always takes an employee safety-first policy and is taking all precautionary steps to ensure a safe working environment to protect the health of its employees and others — and to mitigate the spread of the virus. 

To date, American Resources said it does not have any cases of COVID-19 among its employees. 

READ: American Resources completes sale of non-core mines in Kentucky’s Perry County

Additionally, the company said it has donated its total available supply of N95 masks to the Veterans Center in Hazard, Kentucky to help support first responders.

“First and foremost, our thoughts and prayers are with everyone during these unique and trying times. Secondly, I would highlight that American Resources has been built to withstand these turbulent markets,” said CEO Mark Jensen in a statement.

“Our low holding cost platform focuses on efficiency, safety and flexibility and enables us to react quickly and efficiently to different market conditions. We feel this attribute sets us apart from the traditional legacy competitive landscape within our industry.”

Given the state of the global commodities markets, American Resources said it is focused exclusively on using this time to improve itself for the short, medium and long term while ensuring its team is working at a safe distance. 

The company said it is well-positioned, given its nimble operating structure to ramp up operations to meet customer demands and opportunities while also doing so in a very low operating cost structure for its shareholders. 

Current maintenance and development activities include:

  • Enhancing mine plans to significantly reduce operating cost structure.
  • Reducing environmental impact through reclamation activities.
  • Developing plans to optimize existing organic growth to support the next five-year industry demand growth.
  • Evaluating strategic opportunities to expand footprint as they come available.

“We remain focused on the safety of our workers and our ability to provide our customers with a reliable, sustainable supply of high-quality product and one of the best growth pipelines in the industry. We’re confident that we have positioned ourselves well in a market that is seeing massive supply disruptions and where we have the ability to quickly respond to demand and needs of the infrastructure industry,” Jensen said.

Contact the author: [email protected]

Follow him on Twitter @PatrickMGraham 

Story by ProactiveInvestors


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