The Annual General Meeting (AGM) of Australian Strategic Materials was held on 30 November 2021 as a virtual meeting.
Australian Strategic Materials Limited (ASX:ASM) is pleased to announce that commissioning has begun at its Korean Metals Plant in Ochang Province, South Korea, marked by a visit to the plant by Deputy Prime Minister of South Korea, Mr Hong Nam-ki.
Australian Strategic Materials has commenced hot commissioning on its neodymium furnace. This included firing up the plant’s furnaces, processing feed material and casting the plant’s first ingots of neodymium metal.
This represents the first phase of commissioning activities, with additional modules of the Korean Metals Plant undergoing construction and installation. These first phase commissioning activities are planned to continue through the first half of 2022, with the full scale, 5200 tpa plant due for completion in the second half of calendar year 2022.
Updated production guidance will be provided once the first phase of commissioning is complete.
Australian Strategic Materials Managing Director, David Woodall said the hot commissioning milestone was an important one for the company as it moves towards the completion of the Korean Metals Plant.
“The team in South Korea has worked tirelessly to put us in a position to start commissioning activities at the Korean Metals Plant, despite the logistical and supply constraints as a result of covid. Although, we have more work to do to complete the installation of the facility and commission the full plant, this is a great early sign that our plant is working as expected for this stage.”
“Australian Strategic Materials is moving closer to producing commercial quantities of titanium and permanent magnet alloy, as part of our strategy to provide an alternative, secure supply chain for critical metals.”
“We were also extremely honoured to have Deputy Prime Minister Mr Hong Nam-ki visit us at this significant stage for the business.”