- Australian Strategic Materials (ASM) opens its first high purity critical metals plant in Ochang, South Korea
- ASM’s Korean Metals Plant (KMP) will produce critical metals and alloys to customer specifications using its patented, energy-efficient metallisation process
- The initial focus will be on neodymium iron boron which is a key component of permanent magnets in electric vehicles and titanium alloys that are used in the high tech industry
- The plant was opened with a celebration and ceremony attended by key representatives from both the Australian and Korean governments and business communities
- ASM ends the day 5.4 per cent in the red with shares trading at $5.26
Australian Strategic Materials (ASM) has opened its first high purity critical metals plant in Ochang, South Korea.
ASM’s Korean Metals Plant (KMP) will produce critical metals and alloys to customer specifications using its patented, energy-efficient metallisation process.
The initial focus will be on neodymium iron boron which is a key component of permanent magnets in electric vehicles and wind turbines, and titanium alloys that are used in the high tech industry.
The plant was opened with a celebration and ceremony attended by key representatives from both the Australian and Korean governments and business communities.
It was also attended by the Governor of Chungcheonbuk Province, Si-jong Lee, and the Vice Mayor of Cheongju, Se-dong Oh.
“We know that global demand for critical metals is predicted to outstrip supply. Our Korean Metals Plant represents a new source for these critical metals. Products from the plant will help to de-risk and relieve bottlenecks in the global supply chain,” Managing Director David Woodall said.
“This plant also signals a new direction for Australia’s resource sector and our strategic collaborations worldwide. Australia can harness its world-leading reputation and expertise in the resources sector, moving into the clean energy sector with strategic global partners such as Korea.”
ASM has ended the day 5.4 per cent in the red with shares trading at $5.26.