FISHERS, Ind. (Inside INdiana Business) — Fishers-based American Resources Corp. (Nasdaq: AREC) says it has received the final permit approval for its first rare earth and critical element isolation and purification facility in Noblesville. The company says the facility will be the first of its kind on a commercial scale.
American Resources says the facility will have the ability to isolate and purify rare earth elements and battery metals from a variety of feedstocks, such as lithium-ion batteries that have reached their end of life.
The company says the raw materials processed through the facility will have a 99% purity level and can be used again in the manufacturing of new electrification products.
“Having the ability to work with our local representatives to efficiently procure our permits is key and helps us meet our overall goals,” said Chief Executive Officer Mark Jensen. “Additionally, our ability to efficiently navigate the permitting process highlights our chromatography process and facility’s environmentally safe nature, and enables us to scale our operations quickly, with more flexibility and at a lower cost than any other existing method.”
The facility is currently under construction and will have two production lines. However, American Resources says it has plans for a larger facility in Noblesville that will contain up to 12 production lines.
The company did not say how much it is investing in the new facility or how many jobs would be added.