The Australian Strategic Materials (ASM) Quarterly Activities Report to 31 March 2022 has been released.
Key points for the Quarter include:
- Buildings and facilities at the Korean Metals Plant (KMP) were completed, with the Plant Registration certificate received on 7 April 2022. The installation and commissioning of the first phase of the KMP will continue in the second quarter, and is planned to have an installed capacity of 2,200 tpa.
- Due diligence on the Dubbo Project was completed by the Korean Consortium Fund (KCF), comprising Cerritos Holdings Co., Ltd, Kamur Partners LLC and ACE Equity Partners LLC.
- A Heads of Agreement (HOA) was signed with Hyundai Engineering Corporation Co., Ltd., (HEC) to exclusively negotiate the Front-End Engineering and Design (FEED) and the Engineering Procurement and Construction (EPC) for the Dubbo Project. While work is continuing with HEC, the delivery of a contract for the initial FEED has been delayed while both ASM and HEC finalise the scope, which includes more detailed engineering in key work packages.
- ASM continued to work on progressing the financing of the Dubbo Project. During the quarter, an Expression of Interest from the Korea Trade Insurance Corporation (K-Sure) was received to potentially provide export credit insurance support to ASM for financing the development of the Dubbo Project.
- A Modification Report to the Dubbo Project State Significant Development consent was submitted to the NSW government. The report incorporated ASM’s proposed plan and design improvements, resulting from the Optimisation Study completed in December 2021. Once submitted, public consultation commenced, with the exhibition and public submission period opening on 30 March 2022 and closing on 19 April 2022.
- The composition of the ASM Board changed during the quarter. Mr Ian Chalmers, Non-Executive Director, retired. Mr Chalmers delivered vital leadership to establish the foundation of ASM, particularly in developing the Dubbo Project. ASM welcomed to the Board, Ms Kerry Gleeson LLB (Hons), FAICD, as a Non-Executive Director.