Category: Latest News

Australia’s long-standing partnership with South Korea continues to grow, as demonstrated at the recent 44^th Australia Korea Business Council Joint Meeting in Seoul. The meeting brings together key decision makers in Government and industry from both countries and the ASM team was delighted to participate once again.

ASM was represented by a number of the team including Managing Director & CEO Rowena Smith, who had the privilege of sharing our ‘mine to metals’ story to an esteemed audience, including WA Premier the Hon Roger Cook.

ASM’s flagship Korean Metals Plant, which produced its first product in financial year 2023, is a great example of the growing ties between the two countries and the opportunities that exist to build new and emerging industries.

The Diggers & Dealers Mining Forum is done for another year. Once again, Australian Strategic Materials was in the spotlight, with our Managing Director & CEO Rowena Smith taking to the stage to present ASM’s ‘mine to metals’ strategy.

It’s a strategy we’re already delivering on…ASM is building an alternative, integrated supply chain for rare earths and critical minerals. We are producing critical metals from our Korean Metals Plant. And our Dubbo Project – a globally significant rare earths, zirconia, niobium and hafnium deposit – is construction ready, with all major approvals in place.

Learn more about the story by watching Rowena’s Diggers & Dealers presentation below:

Australian Strategic Materials (ASM) Managing Director and CEO Rowena Smith, spoke to Proactive Investor’s Andrew Scott following the Company’s release of its latest Quarterly Report plus exciting news of a long-term binding sales agreement with US Rare Earth.

“This is the second alloy customer that we’ve announced in recent months for our Korean Metals Plant – both of them going into the USA. But this one is a five-year binding agreement where we will be supplying 60% of their raw material requirements for their magnet production facility in Oklahoma.”

Watch the full interview below…

We are pleased to announce the signing of a five-year binding sales and tolling framework agreement (Framework Agreement) with USA Rare Earth, LLC (USARE) for the supply of neodymium iron boron (NdFeB) alloy.

The Framework Agreement enhances ASM’s growing customer portfolio and strengthens the Company’s strategic supply relationships with the US magnet production industry, via its Korean Metals Plant (KMP). The KMP will supply NdFeB alloy used to support USARE’s production ramp-up of high-performance rare earth magnets.

USA Rare Earth’s magnet manufacturing capability and approach to market makes them a perfect customer and partner for ASM. As we continue to increase our metal production output from our Korean Metals Plant, this long-term supply agreement demonstrates the growing demand and positive trajectory of the US rare earth magnet market.

Rowena Smith, ASM Managing Director

The supply of NdFeB alloy is expected to commence in 2024.

We are pleased to advise that ASM has signed a non-binding Memorandum of Understanding (MOU) with ASX-listed nickel producer Blackstone Minerals Limited (ASX: BSX) (Blackstone), and rare earth element (REE) refiners, Vietnam Rare Earth Company (VTRE).

The MOU was signed at a formal ceremony at the Australian Embassy in Hanoi, Vietnam.

ASM Managing Director & CEO Rowena Smith said:

This MOU has the potential to drive a more collaborative approach within the rare earth elements and critical minerals sector and deliver positive outcomes for all parties involved.

We have already established a strong relationship with the VTRE team and I am excited by the progress they are making to increase their oxide production capacity. The partnership they are looking to build with Blackstone has the potential to benefit ASM’s existing supply of rare earth oxides for processing at the KMP.

ASM’s Korean Metals Plant (KMP) has been recognised as one of the top five outstanding organisations in the Chungcheonbuk province for its risk assessment and safety management practices.

The ‘Risk Assessment Excellence Case Competition’ – organised by the Cheongju Regional Office of the Ministry of Employment and Labor – received entries from more than 200 companies and aims to promote the widespread adoption of best practice risk assessment across all industries.

Officially opened in May 2022, the KMP is ASM’s flagship metals production facility and is continuing its ramp up, aligned to customer demand. The facility is currently producing neodymium praseodymium (NdPr) metal and neodymium iron boron (NdFeB) alloy for established customers in Korea and the US.

ASM’s Rowena Smith, commented:

This award is deserved recognition of the hard work and commitment of the entire ASM team but particularly those in our Health, Safety & Environment function.

The safety, health and wellbeing of our people will remain our highest priorities as we continue to ramp up production at the KMP.”