- Australian Strategic Materials' (ASM) Korean joint venture partner, ZironTech, has produced 7.6 kilograms of neodymium at 99.8 per cent purity
- This is significant news as today marks Australian Strategic Materials' first day trading as a standalone ASX listed entity and not as Alkane Resources' (ALK) subsidiary
- ASM is using its electro-refining technology to produce various metals for the renewable energy, specialty alloys and permanent magnet sectors
- ASM and ZironTech are in the final stages of commissioning the electro-refining plant and will produce further valuable metals
- Company shares are trading flat at $1.37 in early afternoon trade
Australian Strategic Materials (ASM) has announced its Korean joint venture partner, ZironTech, has completed the first production run of neodymium.
ZironTech successfully produced 7.6 kilograms of neodymium metal assaying 99.8 per cent from its patented reduction process at its commercial pilot plant in South Korea.
This purity level is higher than what's typically traded in the metals industry.
This is significant news for the company as today marks the first day Australian Strategic Materials is trading as a standalone ASX listed entity and not as a subsidiary of Alkane Resources (ALK).
ASM is continuing to progress a metalisation program using its low emission, high-purity metal refining technology to produce zirconium, titanium, rare earths and other critical materials. These metals are used for the renewable energy, specialty alloys and permanent magnet markets.
"This is a significant result for ASM, as this process has resulted in the production of neodymium metal at a higher purity than typically traded," Managing Director David Woodall said.
ASM and ZironTech are in the final stages of commissioning the electro-refining plant and are progressing the production of other key metals. These include zirconium, praseodymium and dysprosium - all of which are essential for new technologies and advance manufacturing markets.
The electro-refining process is expected to produce high purity, being 99.9 per cent, titanium metal. Results are expected in August 2020.
Company shares are trading flat at $1.37 each in early afternoon trade.