Mark LaVerghetta: It varies. I mean, it is very small right now. What we got on the ground, but over the next 30 days, we will probably truck some of it out and monetize it. I got to check on our mine licenses for those specific, to be able to do so. But right now, it will be stockpiled for the next, over the period of time, but then hopefully monetizing it, we will hopefully generate, some decent revenue, by the end of the year.
Mike Niehuser: Yes. And with Carnegie 1 and 2, you did have some production on your income statement this year or this quarter, where did that production come from? I thought it would come from one of the Carnegie. But, what is producing, I guess, right now to bring that number out and what are the status of Carnegie 1 and 2 again, please?
Mark LaVerghetta: So we have been doing some development at the Carnegie as well. And so in that process, cutting overcast and developing it for additional sections so that when we start off, we are not just producing from one section, we are producing from multiple sections, which means we are optimizing that cost within that process, generating some revenue out of it, during the development phase of it as well. And some of our other idle operations, we generated revenue from as well. But the Carnegie 1, we are tracking really well at Carnegie 1 for the development. When we restart it, we will restart with multiple sections running, which is really important. You are covering your fixed overhead with one section, when you add that second section, you are adding about 15% more workforce, but you are doubling your production, which means your cost structure goes way down.
These mines are very new mines. We have pretty much developed them from the onset. And so they are set up in a way, and we have been working over the last 60 to 90 days with our team there to further optimize the mine. So when we light the fire here very shortly in the next couple of weeks, they will be set up to run at very, very low cost and be we think they will be very, very profitable mines for us.
Mike Niehuser: You could almost look at the revenues then in the quarter as you know, what you received similar to Wyoming County in terms of development, commissioning, optimizing, neither one or at full tilt, but should be a much stronger first half of next year for both of them, I imagine.
Mark LaVerghetta: Yes, I mean, going into the 2024 year, we are going to be, one we will be hopefully progressing very significantly, if not already making substantial progress on the monetization of the mines, which generates significant cash for American Resources as well as, or spinning them off, but also we will be producing, the goal would be to have both Carnegie 1 and Carnegie 2 both running at multiple sections before the end of the year. So going into 2024, hit the ground running in a way that will be very nicely profitable. And you will starting to see that the coal market got kind of whipsawed about four months ago. And we take the approach that we react quickly. You don’t know what things are going to do, but what we do know is we have one of the lowest cost structures from a corporate overhead perspective, compared to our peers.
And we have operational flexibility to do that. Now, with that, we, we made some decisions there to do what we did, and now we are in a position where we think the coal markets are stabilizing. The China, Australia rebalance has taken place and now that the world markets are kind of stabilized in that regard, you are starting to see supply continue to go down, and demand has been increasing. So we think it is coal prices are good right now and we think they are going to get better over the next three to four months.
Mike Niehuser: Yes. Well, it looks like you are holding some good cards there in your hand to plan how you want. Just real quick, please. When you looking at Africa and I like the way you categorize that. Is it primarily lithium or are you looking at other ores? Is it, so is it limited to lithium?
Mark LaVerghetta: So right now, predominantly lithium, based on some new developments, we are also working on some rare earth ores over there that are really, really attractive. We have been testing, getting some of those sent in over the last couple weeks because of some recent developments of our technology licenses. We are sampling from some cobalt mines that we know of that are run by companies that we feel very secure with. And then further that, I mean we have a partnership actually our SPAC RMC has an investment in a company called Ferox. It has a significant amount of vanadium. There is energy storage is predominantly either LFP or vanadium redux batteries. And so we think vanadium is actually going to have a bit of a movement going forward.
