May 16, 2018 - American Resources Corp., through its subsidiary Quest Energy and Knott County Coal, has entered into an agreement to acquire an active surface mining operation focused on remining a coarse disposal area in Wayland, Floyd County, Kentucky. Under the agreement, Knott County Coal will immediately assume ownership of all permits, leases, government approvals, and reclamation bonds associated with the Wayland, Kentucky, refuse area.
The Wayland site dates back to when the Elk Horn Coal Corp. established the coal camp town of Wayland in 1913, where they operated several mines up until the mid-1950s. Decades ago, coal was sorted by size, and under-sized and over-sized pieces of coal were considered unsellable. Outsized coal was then put into on-site storage over a period of decades to create large boundaries of very low-cost coal.
American Resources is working with the state of Kentucky and Wayland to mine the coal and reclaim the land to benefit the local community. “We support the efforts of Quest Energy and American Resources to extract the coal and reclaim the land to be usable by the city,” stated Jerry Fultz, Wayland’s mayor. “As a win-win situation, we believe it’s an opportune time for both parties to work together to help benefit the city, local community, environment and economy.”
American Resources estimates the Wayland project contains approximately 1 million tons of coal. The company plans to truck the coal to either its Mill Creek prep plant in Letcher County, Kentucky, or its Supreme Energy prep plant in Knott County, Kentucky, to commercially reprocess the coal.
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