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