“Critical Minerals – Australia’s Path to a Sustainable Future” – part of ANSTO’s Innovation Series – centred around Australia’s potential in the critical minerals sector, highlighting how industry, research and government are collaborating on various initiatives to propel its growth.
Critical minerals, vital for advanced technologies like electric vehicles, renewable energy and aerospace and defence applications, face supply chain vulnerabilities often concentrated in specific countries. With a wealth of these resources at its disposal, Australia has a significant opportunity to bolster domestic industries and contribute to global supply chain diversification.
The discussion, led by science and climate communicator Lee Constable, featured Lucy O’Connor, manager of the Australian Critical Minerals Research and Development Hub, Karin Soldenhoff, Principal Consultant at ANSTO, and ASM General Manager – Technical, Wayne Dicinoski.
The wide ranging conversation delved into the technical complexities of critical mineral processing, emphasising the need for innovation and value addition to establish a thriving sector in Australia. Other topics included government grants, research and development initiatives, and the crucial role of collaboration between industry, research institutions, and government agencies in fostering a robust and sustainable critical minerals industry.
This webinar offers valuable insights into the challenges and opportunities in this emerging field, making it a must-watch for anyone interested in Australia’s role in the future of critical minerals.
Watch the webinar via ANSTO’s YouTube channel below.
Throughout 2024, ASM has continued to build its position in the emerging rare earths, critical minerals and high-tech metals sector – demonstrating the compelling nature of our mine to metals strategy.
At our Annual General Meeting (AGM) held in Perth today (Tuesday 26 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 a recording of the full meeting in the video above.
Minister Madeleine King being interviewed by media during a visit to the Dubbo Project, NSW.
Australian Strategic Materials Limited (ASM or the Company) welcomes the proposed production tax credit for critical minerals as an essential policy development to reduce costs and improve project returns, supporting the development of a robust and sustainable critical minerals industry.
Once operational in 2028, the Dubbo Project will enhance Australia’s critical minerals supply chain by becoming the only facility on the East Coast of Australia to process rare earth elements to oxide, increasing downstream processing capability.
$5M in grant funding from the Federal Government’s International Partnerships in Critical Minerals Program.
Progress of the Rare Earth Options Assessment work to identify lower cost and shorter implementation pathways to rare earth production at the Dubbo Project.
Product validation notices from two potential NdFeB strip alloy customers located in Korea and the EU.
Advancing discussions with US EXIM Bank and Export Development Canada in relation to conditional debt financing packages for the Dubbo Project.
Australian Strategic Materials (ASM the Company) is pleased to announce it has been awarded a A$5 million grant under the Australian Federal Government’s International Partnership in Critical Minerals (IPCM) Program.
Above: Minister for Resources the Hon Madeleine King MP (centre) visited the Dubbo Project to announce the IPCM grant funding for ASM. Left Mark Coulton MP, Federal Member for Parkes. Right: Chris Jordaan, ASM Chief Operating Officer.
The grant funding will be matched by ASM and used to progress work to identify alternative, capital efficient and nearer term options for producing rare earth elements at the Dubbo Project (RE Options Assessment and Pilot Program).
A media release issued by Minister for Resources the Hon Madeleine King MP, said the Albanese Government is putting Dubbo at the heart of its plans to grow Australia’s critical minerals and rare earths industry in New South Wales by providing further support for miner Australian Strategic Materials Limited.
“Government support to refine rare earths is important for our sovereign capabilities and will help our trading partners meet their economic, national security and emission reduction commitments,” said Minister King.
The RE Options Assessment and Pilot Program will involve engineering, sampling, metallurgical testing, and a pilot program at ASM’s pilot facility located at ANSTO (Australia’s Nuclear, Science and Technology Organisation) in New South Wales. In addition, ASM will be working with international partners to deliver the program of work. These activities are critical to ASM progressing key funding activities and taking final investment decision on the Dubbo Project which is targeted for the first half of 2026.
“This funding recognises the Dubbo Project’s national and international strategic importance. With this funding, we will be able to undertake important work to identify lower capital and shorter implementation pathways to unlock rare earth production at the Dubbo Project and ensure a focused completion of our final FEED (Front-End Engineering Design).”
Ms Rowena Smith, ASM Managing Director & CEO
Left: Geotechnical drilling being conducted at the Dubbo Project as part of the RE Options Assessment
ASM is pleased to present its 2024 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.
“It is fair to say, the critical minerals sector has been firmly in the spotlight and ASM is well positioned to benefit from and support this national and international market momentum.
With the right assets, technical capability and team, ASM’s mine to metals strategy offers an end-to-end sustainable supply chain, capable of building a leading position as a global producer of rare earths, critical minerals and high-tech metals..”
Australian Strategic Materials (ASM or the Company) welcomes the release of a new digital Australian Critical Minerals Prospectus – a key resource in building international partnerships and supporting the development of Australia’s critical minerals sector.
The Dubbo Project profile, as featured in the interactive Australian Critical Minerals Prospectus.
ASM’s cornerstone rare earths and critical minerals Dubbo Project is featured in the prospectus, which “showcases investment-ready projects that have significant potential to address anticipated production shortfalls, build supply chain security, and deliver progress on a net zero future.”
The interactive digital resource was launched by Minister for Trade and Tourism, Senator the Hon Don Farrell, and Minister for Resources, the Hon Madeleine King MP in Perth, Western Australia.
“Australia is ready and willing to meet the growing global demand for critical minerals, and we welcome international investment in key projects across the country,” said Senator Farrell. “Australia has all the critical minerals the world needs and we need investment to get these projects up and running.”
Globally significant resource
Located in Dubbo, NSW the Dubbo Project is a globally significant resource of rare earths, zirconium, niobium and hafnium. With all major approvals and permits in place, the project is construction ready and targeting final investment decision in 2026 and commencing production in 2028.
The Dubbo Project represents a major opportunity for the development of mid-stream processing in Australia – extracting more value onshore from the country’s critical mineral resources. Through its planned refining and separation plant, the Dubbo Project will process minerals through to oxides and mixed chlorides. These materials will be either sold to international customers or sent for metallisation at ASM’s global metals plants, the first of which is operational in Ochang, South Korea.
“The Dubbo Project is one of the most advanced rare earths projects in Australia and we value the exposure provided via the Critical Minerals Prospectus. The prospectus demonstrates the breadth of opportunities in Australia and highlights how these projects can effectively contribute to the development of sustainable, alternative supply chains,” said ASM Managing Director and CEO, Ms Rowena Smith.
“With a 20-year life of mine, advanced onshore processing capability, and established metallisation production in a likeminded jurisdiction, ASM is uniquely capable of adding value across these emerging supply chains. We hope that through tools like the Australian Critical Minerals Prospectus, the Australian Government continues to support and promote those projects that are most materially advanced and have the potential to address the objectives of the 2023-2030 Critical Minerals Strategy in the timeframe required.”
Overseas investment
In 2024, ASM received letters of interest for conditional debt funding of up to US$600 million from the Export-Import Bank of the United States (US EXIM) and up to A$400 million from Export Development Canada (EDC). Funding from these export credit agencies is linked to potential US and Canadian equipment, goods and services, to be supplied in the construction phase of the Dubbo Project.
“Australia’s resources industry has been developed with foreign investment, and we need overseas investment to build our critical minerals industry. This new online Australian Critical Minerals Prospectus will help drive investment into the sector,” said Minister King.
ASM Managing Director, Rowena Smith, says Australia has an essential role to play in developing the international partnerships and projects that will deliver alternative, sustainable rare earths and critical mineral supply chains.
Above: ASM Managing Director and CEO Rowena Smith (right) with Reta Jo Lewis, EXIM President and Chair (left) at the AusIMM Critical Minerals Conference 2024.
The emerging rare earths and critical minerals sector needs to work in collaboration across like-minded jurisdictions if it is to create alternative supply chains outside of China’s dominance, says Australian Strategic Materials Ltd (ASM or the Company) Managing Director and CEO, Rowena Smith.
Presenting to delegates at the 2024 AusIMM Critical Minerals Conference in Brisbane, Ms Smith highlighted that the significant rare earths and critical minerals endowment Australia has – in addition to being a global leader in the extraction and processing of raw materials – positions the country to play an essential role in the development of this geopolitically sensitive market.
“Since the global supply chain disruptions caused by the COVID pandemic, there has been growing recognition that it is not sustainable for rare earths and other critical mineral supply chains to be dominated by a single jurisdiction,” said Ms Smith.
“Combine this disruption with growing global demand for these materials to support renewable energies, electric vehicle manufacturing, defence, aerospace and electronics, and there is an urgent need to build a more diverse industry, capable of meeting this forecast growth.
“With our world class projects and technical capability, Australia can be at the heart of this market, but it will require continued investment and partnership at both a national and international level,” she said.
ASM’s end-to-end offering
ASM is an emerging vertically integrated producer of critical metals, with a mining asset in Dubbo, NSW and state-of-the-art metallisation facility in Ochang, South Korea. The Korean Metals Plant (KMP) opened in 2022 and is producing rare earth metals and alloys for global customers. The Company’s Dubbo Project – a globally significant rare earths and critical minerals project – has all major approvals and permits in place and is construction ready.
ASM is progressing its funding strategy for the Dubbo Project and earlier this year made significant headway with its debt funding component, receiving conditional letters of interest (LoI) from export credit agencies (ECA) in the US and Canada. In March, the Export-Import Bank of the United States (EXIM) indicated support of up to US$600 million (A$923 million1), followed in April by Export Development Canada’s (EDC) indicated support for up to A$400 million.
“We were delighted to announce the LoIs from EXIM and EDC following extensive positive engagement with both countries. The debt funding is linked to the potential US and Canadian equipment, goods and services to be supplied in the construction phase of the Dubbo Project and the key strategic role the Dubbo Project can play in creating an alternative critical minerals supply chain,” said Ms Smith.
“This strong show of support stems from the clear policy alignment between Australia and North American jurisdictions, and ASM’s work to build operational and commercial partnerships in these countries,” she said.
EXIM identifying global opportunities
EXIM President and Chair Ms Reta Jo Lewis gave the opening keynote presentation at the AusIMM event and highlighted the important and growing relationship between the US and Australia.
In 2023, Australia and the US committed to enhance bilateral cooperation under a Climate, Critical Minerals and Clean Energy Transformation Compact. Underscoring the central role of critical minerals to the clean energy transformation, the two countries also established the ministerial-level Taskforce on Critical Minerals. Subsequently, the US awarded Australia ‘domestic source’ status under the US Defense Production Act, paving the way for Australian-based businesses to be eligible to receive loans, grants and purchasing contracts direct from the US Government to support priority sectors, such as critical minerals supply chains, defence applications, and advanced capabilities.
Referring to the critical minerals projects that EXIM is looking to support in Australia during her keynote speech, Chair Lewis, said: “We recognise that demand for critical minerals is growing and it is critical that we work together to identify secure sources of these minerals so we can count on them for national security and vital infrastructure applications…But even as the demand for these minerals grows, geopolitical and project risk to bring new mines into operation will make the process difficult, slow and expensive, and that’s one of the things we’re working very closely on at EXIM Bank. So, we want to let you know that we have your back, as we are trying to move and accelerate these projects forward.”
Partnerships across the value chain
In addition to the US$600 million LoI from EXIM, in April ASM received another LoI for up to US$32 million (A$49 million1) in debt funding to cover Front End Engineering Design (FEED) services at the Dubbo Project. The FEED work is due to be carried out by US-based Bechtel, making the program of work eligible for EXIM’s Engineering Multiplier Program (EMP).
“ASM is grateful to EXIM for its support, and we continue to collaborate with Chair Lewis and the EXIM team to progress this funding opportunity and work through the due diligence process.
“The US represents a key jurisdiction for ASM as we look to build partnerships in support of our strategic objectives. This includes potential new metals and alloys customers for our Korean Metals Plant, sourcing rare earth oxide feedstock while the Dubbo Project is in development, identifying potential OEM offtake opportunities for our critical mineral oxides, and further equity opportunities,” said Ms Smith.
