Dubbo Project gets $10 million funding boost from NSW government

ASM is pleased to advise that its Dubbo Project has been awarded grant funding of $10 million under Stream 2 of the NSW Government’s Critical Minerals and High-Tech Metals Activation Fund (CMAF), announced by the NSW Deputy Premier and Minister for Regional NSW, the Hon. Paul Toole MP.

Subject to the execution of binding documentation, ASM will receive the funding to support early establishment activities for the Dubbo Project.

These activities involve the upgrade of local roads and bridges to ensure high-standard road access for the Dubbo Project’s development and operation.

ASM CEO Rowena Smith thanked the NSW government, saying:

“ASM is pleased that the New South Wales government continues to provide generous support to our rare earths and critical minerals Dubbo Project. The infrastructure upgrades enabled by this grant will benefit not only the project, but also the local community and businesses.”

The total cost of the road and bridge upgrades is estimated to be $20.4 million. ASM will co-contribute $10.4 million to the cost of the works.

ASM plans to commence the upgrade activities in calendar year 2023.

Full ASX Announcement here.

ASM signs Agreement with Korea’s Chungcheongbuk Province and Vietnamese Rare Earth Company

 

ASM has signed a non-binding business agreement with the Chungcheongbuk Province in Korea and the Vietnam Rare Earth Company (VTRE) to co-operate to build a global rare earths supply Chain.

Under the terms of the Agreement:

  • VTRE and KSM Metals Co., Ltd (ASM’s subsidiary) (KSMM) agree to use reasonable endeavours to agree on the long-term supply of rare earth oxides from VTRE to KSMM.
  • VTRE will use reasonable endeavours to develop their mine to ensure they have the capacity to supply rare earth oxides to KSMM with a value of approximately 50 million USD in total over five years commencing in 2023, if commercial terms relating to supply can be agreed upon.
  • The Chungcheongbuk Provincial Government agrees to provide administrative assistance to VTRE and KSM Metals to facilitate the supply of rare earth oxides from Vietnam to Korea.

The long-term supply of rare earth oxides from VTRE to KSMM is intended to ensure certainty of the feedstock required for ASM’s Korean Metals Plant, before the Dubbo Project commences operation. ASM remains committed to developing the Dubbo Project and processing Dubbo Project materials through the Korean Metals Plant.

ASM CEO Rowena Smith welcomed the Agreement signing, saying:

“We are delighted for this opportunity to work together to secure the supply of rare earth oxides before our Dubbo Project comes online. This will support long-term sales agreements and production ramp-up at our Korean Metals Plant.”

“We also greatly value this continued show of support for ASM by the Chungcheongbuk Provincial Government in Korea and look forward to growing our relationship with VTRE in Vietnam.”

ASM CEO interview featured in The Korea Times

ASM is delighted that CEO Rowena Smith’s interview with The Korea Times was featured on the publication’s front page.

Rowena spoke with The Korea Times about ASM’s `mine to metals’ business and our strong ties to Korea.  She discussed the importance of this relationship, as we work to build a more diverse, secure and reliable supply chain for rare earths, critical minerals and high-tech metals.

Read the full interview here.

2022 Annual General Meeting

The 2022 ASM Annual General Meeting was held on 28 November, as a hybrid event in Perth and online.

Shareholders passed all resolutions placed before them at the meeting, with polling results available here.

Following the close of the AGM, ASM CEO Rowena Smith delivered a presentation reviewing the past year and looking ahead to 2023.

Both the AGM and CEO Presentation can be viewed here.

 

Dubbo Project awarded $500,000 research & development grant

ASM’s Dubbo Project has received grant funding of $500,000 under Stream 1 of the NSW Government’s Critical Minerals and High-Tech Metals Activation Fund, announced by the NSW Deputy Premier and Minister responsible for Resources, the Hon. Paul Toole MP.

ASM was awarded the grant for studies to finalise the process flowsheet for the Dubbo Project’s Heavy Rare Earths solvent extraction circuit. This is being developed in collaboration with the Australian Nuclear Science and Technology Organisation (ANSTO).

ASM CEO Rowena Smith thanked the NSW government for supporting the Dubbo Project through this Stream 1 funding round.

“Our Dubbo Project has multiple Rare Earth product lines, and this funding will play a key role in finalising the process to deliver terbium and dysprosium products,” Ms Smith said.

“With terbium and dysprosium not currently produced in NSW, commercial development of these products will benefit not just ASM but support the region and NSW as a whole, as the state looks to become a major global supplier and processor of critical minerals and high-tech metals into the future.”

ASM was one of 19 grant recipients announced who share in the more than $8.6 million allocated under Stream 1 of the NSW Government’s $130 million Critical Minerals and High-Tech Metals Activation Fund.

Read more about NSW Critical Minerals and High-Tech Metals Activation Fund and Deputy Premier’s announcement.

ASM signs MOU with Korean Development Bank

ASM and its subsidiary, KSM Metals Co., Ltd, have signed a non-binding Memorandum of Understanding (MOU) with the Korean Development Bank (KDB) and the Chungcheongbuk-do Province.

The MOU provides for cooperation in the areas of research and development, investment activities and development of a rare earths cluster in Chungcheongbuk-do, where ASM’s Korean Metals Plant is located.

The MOU was signed at a formal ceremony attended by Mr Byung Chul Jung, Executive Director, SME Banking Division of Korea Development Bank and Mr Myung-Kyoo Kim, Chungcheongbuk-do Vice Governor for Economic Affairs.

ASM’s Chief Executive Officer, Ms Rowena Smith, said of the MOU signing:

“ASM welcomes this opportunity to work with the Korean Development Bank and the Chungcheongbuk-do Provincial government to progress a rare earths cluster in the province.”

“We hope that by working together, we will strengthen the supply chain and see growth in magnet and battery producing operations in Chungcheongbuk-do Province where our flagship Metals Plant is located.”

Read ASX Announcement.

ASM’s first NdPr metal product delivered to customer, NS World.

It was a proud day for the team in Korea, as the first order of NdPr product was loaded onto the delivery truck and sent on its way.

The delivery is the first as part of the sales agreement recently signed with magnet manufacturer NS World for 10 tonnes of NdPr metal ingot, for delivery from September to December 2022.

Congratulations to all the team at the Korean Metals Plant who have worked with great dedication to make this first sale and delivery day possible.

Read more about the sales agreement here

 

First sale of NdPr metal from Korean Metals Plant

Australian Strategic Materials (ASM) subsidiary, KSM Metals Co., Ltd, has signed a binding agreement (Sales Agreement) for the sale of neodymium praseodymium metal produced at its Korean Metals Plant with Korean company NS World Co., Ltd (NS World).

The Sales 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 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.”

ASM