American Resources signs MOU with USA Rare Earth Magnets to restore local supply chain for magnets

American Resources Corporation (NASDAQ:AREC) CEO Mark Jensen and USA Rare Earth Magnets LLC president Thayer Smith joined Proactive’s Stephen Gunnion with details of a memorandum of understanding (MOU) between the two companies aimed at restoring the domestic supply chain for magnets in North America.

Under the MOU, Jensen said American Resources’ ReElement Technologies subsidiary will supply recycled, high-purity rare earth oxides for USA Rare Earth Magnets’ Stillwater, Oklahoma magnet manufacturing facility.

“It’s critical that we have this capability here in the US,” Smith added. “It’s absolutely critical for our national security. It also allows us to be competitive in global automotive manufacturing.”

#ProactiveInvestors #AmericanResourcesCorporation #USARareEarthMagnets #Nasdaq

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