Strategic partnership delivers benefits for Dubbo Project

Australian Strategic Materials (ASM) is pleased to advise that its subsidiary Australian Strategic Materials (Holdings) Pty Ltd (ASMH) has appointed global engineering company Bechtel Mining and Metals, Inc (Bechtel) to conduct Front-End Engineering Design (FEED) services for ASM’s rare earths and critical minerals Dubbo Project in New South Wales (NSW).


ASM receives US$600M (A$923M) Letter of Interest from US EXIM bank

Australian Strategic Materials (ASM) is pleased to announce it has received a non-binding Letter of Interest (LoI) from the Export-Import Bank of the United States (US EXIM) to provide a debt funding package of up to US$600 million (A$923 million) for the construction and execution phase of the rare earths and critical minerals Dubbo Project.


  • LoI from US EXIM bank for up to US$600M (A$923M) in debt financing package for Dubbo Project
  • US EXIM is the official export credit agency of the US federal government
  • US government support is a catalyst to increase customer and financing focus in North America
  • LoI from US EXIM is in addition to A$200M Letter of Support previously received from EFA
  • Dubbo Project is a construction ready, globally significant and long-life rare earths and critical minerals project

Updates from PDAC 2024

ASM Managing Director and CEO Rowena Smith was in Toronto, Canada earlier this month for the 2024 PDAC Convention.

PDAC is one of the world’s largest mineral exploration and mining events and this year’s convention provided a host of opportunities for engagement with government, investors, customers and suppliers.

As well as presenting the ASM opportunity at the Australia Presentation Day, Rowena participated in the critical minerals roundtable hosted by Australia’s Minister for Resources the Hon Madeleine King (above). Minister King also released a joint statement with Canada’s Minister for Energy and Natural Resources, Jonathan Wilkinson, outlining the shared priorities both countries will cooperate on to build the critical minerals supply chain.  

Rowena also had the chance to sit down with Jack Lifton and Tracy Weslosky from Investor News to discuss ASM’s latest funding activities for the Dubbo Project and operational objectives at the Korean Metals Plant. You can watch both interviews below.

Interim Financial Report

Today we released our Interim Financial Report for the half-year ended 31 December 2023.

Key milestones during the half-year included:

  • Completion of Stage 1 of the Engineering, Procurement and Construction (EPC) Definition work conducted by Hyundai Engineering Company.
  • Commencement and completion of the scoping phase of the Non-Process Infrastructure (NPI) Study Work conducted by Bechtel Australia Pty Ltd (Bechtel).
  • Commencement of Non-Process Infrastructure (NPI) Study Work by Bechtel, following scoping phase.
  • Commencement and progression of the solid residue storage facility study work by Stantec.
  • Conclusion of terbium (Tb) and dysprosium (Dy) heavy rare earth separation test work by Australian Nuclear Science and Technology Organisation (ANSTO) on the Dubbo Project’s process flowsheet.
  • Completion of studies examining opportunities to reduce greenhouse gas emissions.
    These and other essential activities will help ensure the Company is well positioned to commence construction following Final Investment Decision on the Dubbo Project.