09:09 AM EDT, 06/03/2025 (MT Newswires) -- American Resources ( AREC ) , through its holding in ReElement Technologies, said Tuesday it signed a memorandum of understanding to form a joint venture with Exigo Battery Solutions for rare earth magnet recycling.

The joint venture will use ReElement's rare earth oxide refining technologies in the US and India and Exigo's capacity to source, process and supply rare earth concentrates, the company said.

American Resources ( AREC ) said the goal of the joint venture is to boost the partnership to at least 2,000 metric tons annually.

The company said that Exigo will initially supply rare earth concentrates to ReElement's facility in Marion, Indiana, for magnet-grade oxide refinement, after which ReElement's technology will be deployed to India to refine such elements.