In this interview, Rowena discusses how the funding will contribute to the continued optimisation of the Dubbo Project’s ESG performance and the significance of this when talking to potential investors and offtake partners.
ASM is grateful to receive this generous support from the Australian Government for our rare earths and critical minerals Dubbo Project. As part of our commitment to strong ESG performance, this funding will allow us to optimise the final design of the Project’s carbon, water and residue management.
This is another exciting step for our Dubbo Project, as we build our global mine to metals business and look to bring new jobs and opportunities to the people of Dubbo and the region.
We are delighted to announce the signing of a sales agreement with US based rare earth magnet manufacturer Noveon Magnetics Inc. (Noveon) for 100 tonnes of neodymium iron boron (NdFeB) alloy from our Korean Metals Plant (KMP). This marks our first sale of NdFeB alloy from the KMP since successful commissioning of the strip alloy caster earlier this year.
This also represents the start of a strategic partnership with Noveon, with ASM’s Rowena Smith saying:
As we continue to work with Noveon, we look forward to ongoing discussions to meet Noveon’s supply requirements in line with their development.
The NdFeB alloy is to be delivered during a one year period, with the first shipment anticipated to occur by the end of June 2023.
ASM CEO Rowena Smith was delighted to speak with Andrew Scott from Proactive, about the binding agreement we have signed with Vietnam Rare Earth Company (VTRE) for feedstock for the Korean Metals Plant (KMP).
In speaking with Andrew, Rowena discusses the importance of this development for the KMP’s ramp-up, and for securing potential sales contracts.
During the interview, Rowena also gave an update on the progress of our Dubbo Project – the cornerstone of ASM’s “mine to metals” business.
We are pleased to advise that ASM has signed a binding agreement with Vietnam Rare Earth Company (VTRE) for the purchase of rare earth oxides from Vietnam to be used as feedstock at ASM’s Korean Metals Plant (KMP). Under the terms of the agreement, VTRE will deliver 100 tonne of product for the remainder of 2023. The pricing for the feedstock (in USD) will be determined using a formula-based mechanism referencing published market prices for neodymium-praseodymium oxide.
The agreement was signed during a ceremony at the Australian Embassy in Vietnam.
ASM Managing Director & CEO Rowena Smith said:
This agreement will ensure we have the feedstock needed to continue the ramp-up of production at KMP, as anticipated sales contracts progress this year. In sourcing the required oxides from Vietnam and building our relationship with VTRE, we are also ensuring greater oversight of our supply chain, which supports our sustainability and governance commitments to both our customers and our shareholders.
Thank you to the Australian Embassy, Austrade and Korea’s Chungcheongbuk Province, for the assistance provided throughout discussions with VTRE for this agreement.