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.

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

Signing ceremony with VTRE and Chungcheongbuk Province.

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.

“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”

Rowena Smith, ASM CEO

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

Participants at the 2022 ASM 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.

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