During 2023, Australian Strategic Materials (ASM) made strong progress against its mine to metals strategy.
Delivering on strategic and operational milestones, we have laid the foundations for critical next steps at our Dubbo Project and Korean Metals Plant that will drive our momentum in 2024.
As the year draws to a close, take a look at some of the progress we’ve made over the past 12 months.
ASM is pleased to note that materials to be produced from its globally significant Dubbo Project remain firmly on the Australian Government’s updated Critical Minerals List.
The revised list has been launched by Federal Minister for Resources the Hon Madeleine King MP.
The unique, long-life Dubbo Project deposit will produce the rare earth elements of neodymium, praseodymium, dysprosium and terbium, in addition to zirconium, hafnium and niobium. These elements all play a critical role in the global clean energy transition.
According to the Department of Industry, Science and Resources, Australia’s Critical Minerals List contains minerals:
The full Critical Minerals List can be viewed, here.
Once operational, the Dubbo Project will mine, separate and refine its materials onsite to produce metal oxides and mixed chlorides. Products will then be shipped to ASM’s metallisation plants and/or direct to global customers.
Throughout 2023, ASM has continued to deliver on its unique mine to metals strategy.
At our Annual General Meeting (AGM) held in Perth today (Wednesday 22 November), ASM’s Board of directors and management team were on hand to discuss the year’s highlights and look at what lies ahead.
You can view the full meeting in the video below…
From early establishment activities at the Dubbo Project, to production ramp-up at our Korean Metals Plant, ASM is building an alternative supply chain of rare earths, critical minerals and high-tech metals that will support the clean energy transition.
As set out by ASM MD & CEO Rowena Smith in her presentation, as we look to 2024, we have a clear pathway ahead for our Dubbo Project.
Targets include, finalising offtakes and early establishment activities, completing project financing, and taking final investment decision.
You can download Rowena’s presentation, here.
All resolutions placed before shareholders at the AGM were passed – the results of which can be found, here.
For an overview of what we delivered in 2023, check out our year in review video…
On the sidelines of the International Mining and Resources Conference (IMARC) 2023, ASM’s Rowena Smith spoke with Bloomberg Television’s Haidi Stroud-Watts on ‘Daybreak Asia’.
Watch the interview via Bloomberg, below.
The ASM team enjoyed a packed agenda at the 2023 International Mining and Resources Conference +Expo (IMARC), participating in several insightful panel discussions, engaging with a range of national and international government stakeholders and presenting the ASM mine to metals opportunity to a broad investor audience.
Participating in two panel sessions, ASM Managing Director and CEO Rowena Smith provided her thoughts on the practical steps needed to facilitate an alternative global supply of critical minerals, and the significance of partnerships at all points of Australia’s critical minerals value chain when looking to achieve this.
Following up on Rowena’s comments, Bloomberg TV conducted a live interview at the event, where she had the opportunity to further discuss ASM and Australia’s role in the creation of an alternative critical minerals supply chain.
With a large international audience, on the sidelines of the event ASM also participated in ‘Korea Day in Sydney’ – facilitated by Austrade and KOMIR Australia – where ASM’s General Counsel and Company Secretary Annaliese Eames presented the ASM story.
At the Mines and Money Investment Theatre, Rowena had the opportunity to walk investors through the Company’s mine to metals strategy, highlighting the progress made at both our Dubbo Project and Korean Metals Plant over the past year.
And the Dubbo Project was also a hot topic of conversation when the team had the opportunity to speak directly to federal Minister for Resources the Hon Madeleine King MP and New South Wales Minister for National Resources, the Hon Courtney Houssos MP.
With a unique ore body comprising light and heavy rare earths, zirconium, hafnium and niobium, strong financials, and compelling ESG credentials, the Dubbo Project represents a robust investment in the national interest and a strategic opportunity for Australia.
We are pleased to advise our Quarterly Activities Report to 30 September 2023 has been released.
In line with ASM’s strategic business priorities, this Quarter the Company:
ASM is pleased to present its 2023 Annual Report, highlighting the strategic and operational progress the Company made during the past financial year and the path it is on to successfully deliver its mine to metals strategy.
“ASM’s mine to metals strategy represents a unique opportunity in Australia’s national interest. Our end-to-end, alternative supply chain goes from mining our globally significant rare earths and critical minerals resource in Dubbo, Central West New South Wales, refining the materials on site, processing the oxides at our Korean Metals Plant and selling the high-tech metals and alloys to a global customer base.
Now, more than ever before, this vertically integrated approach addresses many of the challenges we see identified in not just Australia’s strategic outlook, but from jurisdictions around the globe, from Japan and Korea to the US and the European Union.”
Ian Gandel, ASM Chairman
ASM is pleased to announce excellent results from its latest terbium (Tb) and dysprosium (Dy) heavy rare earth (RE) separation test work. The results confirm the design capability of the Dubbo Project’s advanced process flowsheet to produce high purity Tb and Dy oxides at industry leading product quality.
The pilot plant test work was conducted by ANSTO, Australia’s Nuclear Science & Technology Organisation. Results show the process is capable of producing Tb and Dy oxide product streams that meet or exceed target specifications of >99.99% for Tb and > 99.95% for Dy, at steady state.
“These excellent results demonstrate the strength of ASM’s advanced technical capability. Producing both light and heavy rare earth oxides at high purity sets the Dubbo Project and ASM apart and allows us to offer industry leading product quality to our offtake partners.”
Rowena Smith, ASM Managing Director and CEO
Today we released our Financial Report for the year ended 30 June 2023 (FY23).
FY23 represents a milestone year for ASM’s mine to metals business, having commenced production from our first metallisation plant.
Korean Metals Plant ramping up
The Korean Metals Plant (KMP) is ASM’s foundational downstream metallisation plant, opened in May 2022. During FY23, the plant commenced first sales of NdPr (neodymium praseodymium) metal to Korean customer NS World, secured its first NdFeB (neodymium iron boron) alloy sales contract to US customer Noveon Magnetics Inc, and commissioned its NdFeB alloy strip caster. After 30 June 2023, ASM announced a new long-term binding sales agreement with USA Rare Earth for the supply of NdFeB alloy.
Delivery of these strategic objectives demonstrates the technical capability at the KMP and the growing reputation ASM is building within the global high-tech metals market.
In FY24 the Company is focused on expanding its customer base, continuing technical validation of the NdFeB strip alloy to customer requirements, first delivery of NdFeB alloy, and ramp-up of NdFeB alloy towards name plate production of 600 tonnes per annum (tpa), aligned to sales. As further sales are concluded and delivery schedules determined, ASM will consider when Phase 2 expansion to 3,600 tpa will occur to align with customer demand.
Dubbo delivers important milestones
Upstream in ASM’s mine to metals business model is the Dubbo Project, a rare earths and critical minerals deposit in Central West New South Wales. ASM intends to develop the Dubbo Project to produce oxides and mixed chlorides of rare earths, zirconium, niobium and hafnium, which can either be metallised at the KMP, or distributed to other global manufacturing customers.
Evaluation activities at Dubbo continued to progress well during FY23, focusing on technical flowsheet enhancements, engineering design, approvals and early establishment activities. Notably, Stage 1 Engineering, Procurement and Construction Definition work commenced with Hyundai Engineering Co., Ltd in January 2023 and was completed in July. In addition, ASM received NSW government approval for the Dubbo Project SSD Modification Report 1, which determined several improvements to the existing approved plan.
These important milestones continue to support ASM’s opportunity as the Company moves toward final investment decision (FID), targeted by December 2024.
ASM continued to progress opportunities with potential offtake partners and strategic investors in a broad range of industries and jurisdictions, in support of the Dubbo Project during the year. Active discussions are currently underway in relation to all products across ASM’s diverse portfolio, and the Company will update the market when binding agreements are concluded.
There has been plenty happening at our Dubbo Project and within the Dubbo community over recent months.
Our latest Community Newsletter provides a wrap-up of the project progress we’ve made and highlights where the ASM team has continued to build positive partnerships with local stakeholders.
From a project perspective, the non-process infrastructure (NPI) study work with Bechtel Australia is well underway. The study work will advance the engineering maturity of the NPI design in key areas outside of the process plant, including:
Significantly, this work will contribute to developing capital and operating costs estimates key to ASM making its final investment decision on the Dubbo Project by the end of 2024.
Out in the community, we’ve continued to work with Regional Development Australia (RDA) Orana, schools associated with the Dubbo College ASPIRE program and, most recently, the colourful Cross Cultural Carnivale!
Click the button below to read the full newsletter.
