Total
0
Shares
Australian Strategic Materials (ASX:ASM) - Managing Director, David Woodall
Managing Director, David Woodall
Source: The Market Herald
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Australian Strategic Materials (ASM) has signed a deal with Korean Mine Rehabilitation and Resource Corporation (KOMIR) to help supply critical minerals and metals into Korea
  • Under the Joint Statement of Cooperation, ASM and KOMIR will work to expand the use of rare earths and critical metals in Korea and develop import opportunities
  • The ASX-lister first metallisation plant is under construction in South Korea, with the facility expected to begin production next year
  • Meanwhile, KOMIR is the Korean Government Agency responsible for resource security, including the country’s push to access and stockpile critical minerals
  • ASM shares opened Wednesday trading at $11.25 per share

Australian Strategic Materials (ASM) has signed a deal with Korean Mine Rehabilitation and Resource Corporation (KOMIR) to help supply critical minerals and metals into Korea.

The two parties have signed a Joint Statement of Cooperation, which sets out a plan for them to expand the use of rare earths and critical metals in Korea.

ASM and KOMIR will also look at creating more import opportunities for rare-earth products to help Korea stockpile the materials.

The ASX-listed materials stock’s Dubbo Project in NSW contains rare earths, while the company’s metallisation plant is under construction in South Korea.

The facility will use Australian Strategic Materials’ metallisation process to convert oxides into high-purity metals, alloys, and powders, with production to begin in 2022.

Among the metals set to be produced are a range of critical metals, including rare earth metals and alloys, zirconium and titanium.

KOMIR is the Korean Government Agency responsible for resource security, including the country’s push to access and stockpile critical minerals.

ASM Managing Director David Woodall has welcomed the signing of the Joint Statement of Cooperation.

“This builds on the cooperative and collaborative relationship between Korea and ASM, creating further opportunities to engage on the strategic issue of critical minerals and metal supply,” he said.

“This Joint Statement of Cooperation is another firm sign of Korea’s commitment to securing its supply of critical metals and to working with ASM to deliver an outcome that is beneficial to the Korean supply chain.”

“ASM welcomes this opportunity to work with KOMIR to provide an alternative, secure and sustainable supply of critical metals.”

Australian Strategic Materials shares opened Wednesday trading at $11.25 per share.

ASM by the numbers
More From The Market Herald
New Hope (ASX:NHC) - Outgoing CEO, Reinhold Schmidt

" New Hope Corporation (ASX:NHC) CEO resigns

New Hope Corporation (ASX:NHC) CEO Reinhold Schmidt has resigned.
AVZ Minerals (ASX:AVZ) - Managing Director, Nigel Ferguson

" AVZ Minerals (ASX:AVZ) begins trading on the OTCQX Best Market

AVZ Minerals (ASX:AVZ) has begun trading on the OTCQX Best Market under the ticker code AZZVF.
Aerometrex (ASX:AMX) - Incoming CEO and MD, Steven Masters

" Steven Masters to join Aerometrex (ASX:AMX) as MD in February

Aerometrex (ASX:AMX) has announced Steven Masters will officially commence his role as CEO and Managing Director…