Australian Strategic Materials (ASX:ASM) opens first critical metals plant in South Korea – The Market Herald

Subscribe

Be the first with news that moves the market

  • 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 metallization process
  • The focus will initially be on neodymium iron-boron which is a key component of permanent magnets in electric vehicles and titanium alloys used in high-tech industry.
  • The plant was opened in a celebration and ceremony attended by key representatives from the Australian and Korean government and business communities.
  • ASM ends the day 5.4% 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 Korea Metals Plant (KMP) will produce critical metals and alloys to customer specifications using its patented, energy-efficient metallization process.

The focus will initially be on neodymium iron-boron which is a key component of permanent magnets in electric vehicles and wind turbines, and titanium alloys which are used in high-tech industry.

The plant was opened in a celebration and ceremony attended by key representatives from the Australian and Korean government and business communities.

Also in attendance were Chungcheonbuk Provincial Governor Si-jong Lee and Cheongju Deputy Mayor Se-dong Oh.

“We know that global demand for critical metals is expected to exceed supply. Our Korean metals plant represents a new source for these critical metals. The mill’s products will help reduce risk and reduce bottlenecks in the global supply chain,” said Managing Director David Woodall.

“This plant also signals a new direction for Australia’s resource sector and our strategic collaborations around the world. Australia can leverage its reputation and expertise as a global leader in the resource sector, by moving into the clean energy sector with strategic global partners such as Korea.

ASM ended the day 5.4% in the red with shares trading at $5.26.

Comments are closed.