ASM sells magnet metals from its metals plant

Rare earths and metals producer Australian Strategic Materials has announced a strategic partnership with US based rare earth magnet manufacturer Noveon Magnetics Inc.

ASM, which is developing the Dubbo rare earths project in NSW, will supply Noveon with neodymium iron boron (NdFeB) alloy needed to make permanent magnets from ASM’s Korean Metals Plant (KMP).

Ores for the Korean plant are supplied from under an agreement with Vietnam Rare Earth Company (VTRE) for the purchase of rare earth oxides (REO).

The latest agreement provides for the sale of 100 tonnes of NdFeB alloy from the KMP, to be delivered to Noveon during a one-year period.

The first shipment is anticipated to occur by the end of June 2023.

ASM Managing Director Rowena Smith said the company was delighted to announce the partnership and its first sale.

Smith said: “This is the result of much hard work and dedication from the ASM team including the successful commissioning of the strip alloy caster earlier this year.

“As we continue to work with Noveon, we look forward to ongoing discussions to meet Noveon’s supply requirements in line with their development.”

ASM said the parties intended to develop a strategic partnership for the long-term offtake of rare earth materials supporting magnet production.

Picture: Australian Strategic Materials/Korean Metals Plant