American Resources Corp. agreed to sell certain of its Perry County Resources subsidiary's assets for approximately $1 million in cash and equipment, with the deal expected to close within 30 days.
The Indiana-based company acquired the Perry County assets from Cambrian Holding Co. Inc. in September 2019 through a bankruptcy transaction.
American Resources said Jan. 15 that the sale of the noncore assets is part of a restructuring aiming to lower costs at the operation. The company expects the deal to reduce its liabilities with the removal of $3 million worth of associated reclamation bonds.
The divestiture to an undisclosed buyer comprises three idled permits for one underground mine and one surface mine at the mining complex in Kentucky, according to the statement.