ASEDC signed the MOU, not ASEDA

Pago Pago, AMERICAN SAMOA — AREC shares surged 13.39% pre-market after signing an MOU with “ASEDA” to develop a U.S. critical mineral refinery in American Samoa, according to a media release by A Invest, a consulting company. However, Samoa News has found a reporting error identifying ASEDA, a government owned entity, as one of the signees to the MOU.

The MOU is actually between AREC — the American Resources Corporation along with its holding in ReElement Technologies Corporation and ASEDC — the American Samoa Economic Development Council, a privately owned entity.

Samoa News reached out to John Wasko, CEO of ASEDC to comment on the possible MOU with ASEDA and/ or ASEDC, after being told that the ASEDA board was denying a MOU was signed.

Wasko, an American Samoa resident, said the article or writer was mistaken, the MOU is with ASEDC not ASEDA.

He added that he has signed a non- disclosure with “Relement” and cannot further comment on details of his MOU with ReElement.

(Wasko also sent Samoa News a copy of a credential document from the International Seabed Authority, certifying that ASEDC has been awarded “Non Government Organization Observer Status”.)

The A Invest article follows on the footsteps of an article Samoa News published that was sourced from ACCESS Newswire (July 30, 2025), which also mistakenly identified ASEDA as signing a MOU with ReElement/ AREC.

Both articles tout the development project as positive for American Samoa.

A Invest notes that the partnership combines ReElement's refining tech with Impossible Metals' nodule collection to create a China-independent rare earth supply chain.

The project targets essential minerals like copper, cobalt, and rare earths, aiming to strengthen U.S. strategic resource security and economic growth in American Samoa.

The MOU highlights the joint commitment to explore a non-China critical mineral supply chain, focusing on essential elements such as copper, cobalt, nickel, manganese, and rare earth elements.

The collaboration also includes exploring options to leverage existing Defense Department infrastructure and enhancing the global critical mineral value chain.

This initiative is part of a broader effort to meet growing global demand for critical minerals and aligns with President Trump's executive orders promoting domestic mineral production and sustainable development, A Invest concludes.

(Source: A Invest)