- Australian Strategic Materials (ASM) has produced nine kilograms of high-purity neodymium and praeseodymium (NdPr) alloy at its pilot plant in South Korea
- Through its joint venture partner, Ziron Tech, ASM will produce 200 kilograms of NdPr as part of an agreement with the Korea Institute of Industrial Technology
- This initiative is aimed at producing a 600-kilogram sample of permanent magnets for the Korean industry
- ASM is continuing discussions with Korean government organisations and businesses to support a locally-dependent industry
- Company shares are up 5.45 per cent and are trading for $2.13
Australian Strategic Materials (ASM) has produced nine kilograms of 99.65 per cent neodymium and praeseodymium (NdPr) alloy at its pilot plant in South Korea.
Through its 95 per cent-owned joint venture partner, Ziron Tech, ASM is progressing an agreement with the Korea Institute of Industrial Technology (KITECH) to produce a 600-kilogram sample of permanent magnets for the Korean industry.
"We welcome ASM as a member of the Korean Rare Earth Institute and we are pleased to work with Ziron Tech under the joint research and development for rare earth alloy production," KITECH Director Dr Lim Kyung Mook said.
Under this initiative, ASM is producing 200 kilograms of NdPr metal for the required 600-kilogram sample.
ASM's continued success with producing titanium and key permanent magnet metals using its patented, high-purity metallisation process has gathered the interest of major Korean companies and organisations.
"Over the past few weeks whilst I have been in South Korea, we have had some important discussions with Korean companies and government around ASM’s metallisation technology and the Dubbo Project," ASM Managing Director David Woodall said.
"Working with KITECH, a respected and leading innovation group in Korea to produce samples of permanent magnets is an important step in ASM’s commercialisation strategy," David added.
Korea imports rare earth magnets to support its local industry and, thus, has an ongoing need to ensure the supply of the critical materials.
Company shares are up 5.45 per cent and are trading for $2.13 at 10:57 am AEST.