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the Korean Metals Plant
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innovation, capability and future of the KMP.
ASM acquires South Korean company Ziron Technology Corporation (ZironTech). The acquisition secures ZironTech’s patented metal refining technology and a pilot plant constructed to confirm the technology. During pilot plant testwork, the technology is successfully applied to all major metals found within ASM’s Dubbo Project, including zirconium, hafnium, and rare earths for permanent magnet alloys.
ASM signs a Memorandum of Understanding (MOU) to locate its first commercial scale metals plant within the Ochang Foreign Investment Zone in the Chungcheongbuk-do Province of South Korea. ASM acquires a brownfield site in July and commences upgrade work to accommodate the proposed 5,200tpa capacity Korean Metals Plant (KMP).
ASM commences the first phase of commissioning on its neodymium furnace at the KMP. Commissioning includes firing up the plant’s furnaces, processing feed material and casting the KMP’s first ingots of neodymium metal. The milestone is marked by a visit to the plant by Deputy Prime Minister of South Korea, Mr Hong Nam-ki.
Following the completion of construction of the expanded buildings and facilities, the KMP is officially opened. The KMP is operated by ASM’s wholly owned subsidiary, Korean Strategic Materials and Metals (KSMM), and is an integral part of ASM’s vertically integrated mine to metals business.
The KMP secures its first sale of neodymium praseodymium (NdPr) metal with Korean company NS World. The agreement provides for the sale and delivery of up to 10 tonnes of NdPr metal and is intended for use in the production of bonded magnets.
Commissioning of the strip alloy caster is successfully completed and samples of NdFeB alloy are supplied to potential customers for evaluation. Ramp-up of the both the NdFeB and NdPr product lines continue in alignment with customer demand and the completion of sales agreements.
ASM commences a strategic partnership with US-based rare earth magnet manufacturer Noveon Magnetics Inc., signing an agreement for the sale of 100 tonnes of NdFeB alloy.
ASM signs a five-year sales and tolling framework agreement with USA Rare Earth, LLC (USARE) for the supply of NdFeB alloy. The KMP will supply NdFeB alloy to support USARE’s production ramp-up of high-performance rare earth magnets.
Across 2024, the KMP progresses highly technical product validation work for its NdFeB customers, delivering multiple samples for analysis. In parallel, the team looks to expand the facility’s metallisation capability, preparing the KMP for production of heavy rare earth metals – terbium (Tb) and dysprosium (Dy).
Having signed a contract with Magnequench, part of Neo Performance Materials, for the sale of 19 tonnes of NdPr metal, the KMP delivers its first five tonne batch in December. The initial sale establishes a foundational relationship between Magnequench and ASM for ongoing metal sales and further areas of potential collaboration.
Increased export restrictions by China on a range of medium and heavy rare earth elements – as well as their oxides, metals, alloys and magnets – highlights the risks of global overreliance on a single jurisdiction for critical materials. As one of the few facilities outside China capable of producing rare earth metals and alloys, the KMP’s capability comes into the global spotlight.
Following successful product validation work and continuing international trade volatility and geopolitical uncertainty, the KMP sees an increase in sales enquires and accelerated customer discussions. Part of this momentum sees ASM receive a purchase order from Vacuumschmelze – a leading global manufacturer of advanced magnetic materials, alloys, and specialised components – for the supply of 7.2 tonnes of NdFeB alloy, across five different specifications.
The KMP announces its inaugural sale of heavy rare earth metals to Magnaquench, a subsidiary of Neo Performance Materials; consisting of 2 kilograms of terbium (Tb) metal and 2 kilograms of dysprosium (Dy) metal. The metals are shipped to Neo’s permanent magnet manufacturing facility in Estonia.
