09:08 AM EDT, 07/12/2024 (MT Newswires) -- American Resources' ( AREC ) ReElement Technologies unit said Friday it has signed an agreement with UK-based Jupiter Lithium to jointly develop a lithium deposit in Nigeria.

ReElement said the project has the potential to establish Nigeria as a regional center for lithium mining and downstream battery and electric vehicle manufacturing.

Jupiter Lithium is looking to expand its operations from the present contract mining to large-scale owner operations, including a spodumene concentrator facility to initially produce 55,000 tons of 6% lithium spodumene concentrate annually, ReElement said.

ReElement said it is designing for the construction of its lithium and critical mineral refinery to refine the concentrate into high-purity, battery-grade lithium carbonate.

Shares of American Resources ( AREC ) were up 6.2% in recent premarket activity.

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