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- Australian Strategic Materials’ (ASM) subsidiary KSM Metals signs its first agreement to sell neodymium-praseodymium metal
- The subsidiary signed the sales agreement with NS World to sell up to 10 tonnes of NdPr metal between September and December
- NS World, a Korean manufacturer of magnets for the automotive and electronics industries, plans to use the NdPr metal to make bonded magnets
- The NdPr metal will come from ASM’s Korean Metals Plant with commissioning and ramp-up activities ongoing
- ASM shares are up 2.90 per cent to close at $3.19
Australian Strategic Materials’ (ASM) subsidiary has secured the first sale of neodymium-praseodymium metal.
KSM Metals signed a binding agreement with Korean company NS World to sell neodymium-praseodymium (NdPr) ingot from ASM’s metals plant in Korea.
The deal will see KSM sell and deliver up to 10 tonnes of the NdPr metal from September to December 2022. NS World plans to use the metal product to make bonded magnets.
Australian Strategic Minerals CEO Rowena Smith said securing this first sale is an “important milestone”.
“In just over a year, we have taken our Korean Metals Plant from start of construction to commercial production. This is a remarkable feat of dedication from our team,” Ms Smith said.
Throughout the remainder of the year, the company will progress commissioning and ramp-up activities for the Korean Metals Plant.
ASM shares were up 2.90 per cent to close at $3.19.
