March quarter sees a raft of rare earth developments
"In just over a year, we have taken our Korean Metals Plant from start of construction to commercial production. This is a remarkable feat of dedication from our team,” said CEO Rowena Smith.
Australian Strategic Materials Ltd (ASX:ASM) has passed a key milestone with the first sale of neodymium praseodymium metal produced at its Korean Metals Plant.
The company’s Korean subsidiary KSM Metals Co, Ltd has signed a binding agreement for the sale with Korean company NS World Co, Ltd.
This agreement provides for the sale and delivery of up to 10 tonnes of neodymium praseodymium metal ingot from September 2022 to December 2022.
NS World intends to use this metal from the Korean Metals Plant in the production of bonded magnets.
ASM’s chief executive officer Rowena Smith said: “Securing the first sale of neodymium praseodymium ingot from our Korean Metals Plant is an important milestone for ASM.
"In just over a year, we have taken our Korean Metals Plant from start of construction to commercial production. This is a remarkable feat of dedication from our team.
“Our commissioning and ramp-up at the Korean Metals Plant will continue over the second half of 2022.
"We look forward to securing further sales contracts in the coming months and will update the market as contracts are finalised.”
Shares have been as much as 8.71% higher to A$3.37 while the company's market cap is approximately A$470.33 million.
NS World is a Korean company established in 2007, specialising in the manufacture of magnets for the automotive and electronics industries.
Magnets manufactured by NS World include ferrite plastic magnets and NdFeB Bonded magnets.
Australian Strategic Materials is a vertically integrated processer and producer of rare earths, critical minerals and high-tech metals. These are used in new growth industries, high technologies and sustainable energy solutions.
The company’s Dubbo Project in Central Western New South Wales, Australia is a long-term polymetallic resource of rare earth elements, zirconium, niobium and hafnium.
ASM intends to develop the Dubbo Project to produce metal oxides and has completed significant test-work to optimise oxide recovery in partnership with the Australian Nuclear Science and Technology Organisation (ANSTO).
Long-term, the materials produced from the Dubbo Project will be used for refining at ASM’s metals plants, the first of which is in Ochang, South Korea. The initial focus is on neodymium products and titanium alloy.
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