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American Resources (NASDAQ:AREC) +4.1% pre-market Thursday after saying the city of Marion, Indiana, approved $46M of local incentives for the company’s 42-acre critical mineral refining campus for battery-grade lithium and magnet-grade rare earth elements.
The facility will be the first fully integrated U.S. refinery producing ultra-pure battery elements such as lithium, cobalt and nickel, and rare earth elements including neodymium, dysprosium and praseodymium, for electric vehicle battery and permanent magnet supply chains, the company said.
American Resources (AREC) said the new complex will be designed to produce rare earth elements with a targeted initial capacity of 2 metric tons/day of ultra-pure rare earth oxides and initial refining capacity of 50 metric tons/day of lithium-ion battery input material sourced from end-of-life batteries and manufacturing waste.
