Join our daily newsletter At The Bell to receive exclusive market insights
- Australian Strategic Materials (ASM) inks a sales agreement with US-based Noveon Magnetics for the sale of neodymium iron boron (NdFeB) alloy from ASM’s Korean Metals Plant (KMP)
- The new contract covers the sale of 100 tonnes of NdFeB alloy from the KMP
- ASM Managing Director Rowena Smith says the company is “delighted” to enter the partnership and secure its first sale from the KMP
- Both companies aim to use the agreement to develop a long-term supply and purchasing agreement
- Shares in ASM was up 8.58 per cent, trading at $1.11 at 10:25 am AEST
Australian Strategic Materials (ASM) has inked a sales agreement with US-based Noveon Magnetics for the sale of neodymium iron boron (NdFeB) alloy from ASM’s Korean Metals Plant (KMP).
The agreement covers the sale of 100 tonnes of NdFeB alloy from the KMP, to be delivered over an agreed schedule up to the end of March 2024.
Both parties have agreed on a fixed price per tonne for this shipment of alloy.
ASM Managing Director Rowena Smith said the company was “delighted” to enter the strategic partnership and secure the first sale of NdFeB alloy from the KMP.
“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,” she said.
“As we continue to work with Noveon, we look forward to ongoing discussions to meet Noveon’s supply requirements in line with their development.”
Both companies aim to develop the partnership into a long-term supply and purchasing agreement.
Noveon CEO Scott Dunn said the rare earth magnet manufacturer “looked forward” to its partnership with ASM.
“It is an important part of our mission to establish a reliable, high-quality supply chain for NdFeB alloy,” he said.
“We have been impressed with the achievements of ASM at the Korean Metals plant, and we look forward to growing our partnership with ASM.”
Shares in ASM was up 8.58 per cent, trading at $1.11 at 10:25 am AEST.
