Category: Latest News

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.”

ASM welcomes the release of the Australian government’s Critical Minerals Strategy 2023 -2030.  This is a key step in providing the support that will enable access to private funding, attract foreign investment and help mature the sector.

We support the government’s view that Australia has an important role to play in the global clean energy transition, thanks to our extensive critical minerals reserves and world-leading mining capabilities.

We welcome in particular the $1 billion for value-add in resources as part of the National Reconstruction Fund and the Government’s commitment to leverage and strengthen Australia’s leading ESG capabilities, which is a strong competitive advantage for ASM, and our sector.

Rowena Smith, ASM CEO

 

 

ASM CEO Rowena Smith spoke to ausbiz about the $6.5 million grant funding our Dubbo Project received under the Australian Government’s Critical Minerals Development Program.

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.

 

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.