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.
The security and sustainability of critical mineral supply chains continues to be at the forefront of national policy development and international partnership ambitions. As these discussions evolve, Australian Strategic Materials (ASM) has teamed up with Mining Journal and MiningNews.Net to produce a whitepaper focused on rare earth elements markets, their challenges and their opportunities. This foundational document provides a grounding in the realities of the REE space to help inform a range of stakeholders.
Rare earth elements (REEs) are playing a leading role in the globally shared ambition to build diverse, resilient and sustainable critical minerals supply chains. With a broad range of end uses – from clean energy technologies and semi-conductors to medical devices and defence applications – the relevance of REEs in supporting a sustainable and secure future cannot be overstated.
As demand for these materials continues to grow, the importance being placed on increasing production and enhancing processing capability is illustrated by the fact REEs appear on the official critical minerals lists of Australia, Canada, the EU, India, Japan, the Republic of Korea, the UK and the US. These strategically developed lists are driving activity within the resources sectors of the relevant jurisdictions and have been the basis for the policies and partnerships developing between those countries with the shared objective of mitigating risk within an existing supply chain dominated by a single jurisdiction.
Australia has an essential role to play in the development of this geopolitically sensitive market.
Rowena Smith, Managing Director & CEO, Australian Strategic Materials
With a significant endowment of REEs and as an established global leader in the extraction and processing of raw materials, Australia has an essential role to play in the development of this geopolitically sensitive market.
Through engagement and agreements, Australia has taken positive steps to enhance cross-jurisdictional opportunities with countries including the US, Canada, the Republic of Korea, Japan, the EU and Vietnam. These enhanced relationships are looking to develop trade, investment and partnership opportunities within the critical minerals sector but there is still more to be done if we are to fully leverage this generational opportunity.
The 2024 Australian Federal Budget placed an emphasis on Australia’s ability to ‘add value’ to its critical minerals endowment – providing incentives to do more processing activity on Australian shores. It is a commendable ambition and one that one that we should continue to strive for when specifically discussing REEs. But it will not come without its challenges. Delivering on this ambition will require investment and support in both project development and workforce capability.
At Australian Strategic Materials (ASM), we are progressing the development of our Dubbo Project in New South Wales. Here we will extract, separate and refine light and heavy REE oxides. Our refining capability has been developed in partnership with Australia’s Nuclear Science and Technology Organisation (ANSTO) over many years and represents sovereign technical knowhow and IP integral to the successful delivery of the project and broader growth of this sector.
I hope this publication – developed in partnership with Mining Journal – provides some insights into the compelling nature of the global REE opportunity and why Australia should be positioning itself at the forefront of the revolution.
We’re strengthening ties between Dubbo and Ochang to create an alternative end-to-end critical minerals supply chain.
ASM’s Korean Metals Plant (KMP) in Ochang, South Korea has hosted a delegation from the Dubbo Regional Council. As part of a self-funded trip to Korea and Japan, the delegation took the opportunity to see how ASM’s world class facility is manufacturing the high-tech metals and alloys needed for the global energy transition.
Our metals and alloys are the critical ingredient for the permanent magnets used in advanced clean technologies such as electric vehicles and wind turbines. Ultimately, the KMP will use the rare earth oxide feedstock processed at our Dubbo Project.
ASM’s Dubbo Project is located 25km south of Dubbo in central-western NSW. A globally significant resource of rare earths and critical minerals, once operational the Dubbo Project will mine, separate and refine a wide range of oxides, before metallising at our own plant(s) or shipping to global customers.
It’s our mine to metals strategy…
Sincere thanks to Dubbo Mayor Mathew Dickerson and the Dubbo Regional Council team for taking the time to learn more about our operations in South Korea.
We’re looking forward to building the ties between the two locations, in support of our alternative critical minerals supply chain.
Australian Strategic Materials (ASM) has received a non-binding and conditional Letter of Interest (LoI) from Canada’s official export credit agency, Export Development Canada (EDC), indicating support for EDC to provide a direct lending debt funding package of up to A$400 million for the construction and execution phase of its rare earths and critical minerals Dubbo Project.
Recent interest stems from the strong policy alignment between Australia and North American jurisdictions.
EDC’s LoI is supported by potential equipment and services supply from Canadian companies for the execution phase of the Dubbo Project.
EDC’s indicative financial support increases sourcing flexibility and demonstrates the growing confidence in a shared financing for the Dubbo Project.
We are thrilled with the support received to date from prospective financiers for the Dubbo Project, especially this latest letter of interest from Export Development Canada. Our focus has been on building strategic partnerships in North America that support the development of our mine to metals strategy.
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).
Highlights
New contract will deliver critical path to final investment decision for the Dubbo Project
Strategic partnership with Bechtel further enhances new funding opportunities with US government entity
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.
Highlights
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
The Prospectus showcases investment-ready critical minerals projects that have significant potential to address anticipated production shortfalls, build supply chain security, and deliver progress on a net zero future.
The Australian Critical Minerals ProspectusThe Dubbo Project is a rare earths and critical minerals depositMinister for Resources Madeleine King with the ASM team at IMARC 2023
On the launch of the prospectus, Minister for Resources, the Hon Madeleine King MP, said: “Australia’s critical minerals are key to the world’s energy transformation.
“But we need to attract investment to get these minerals out of the ground, to process them here, to build the batteries, wind turbines and solar panels required make the switch to a lower carbon economy.
“This prospectus will help attract the investment we need to build new industries, create jobs and reduce global emissions.”
