Aussie Strategic Materials jumps most in near 7 mths on rare-earth alloy deal

Australian Strategic Materials

16/05/2023 03:41

(Updates share moves, milestones)
    ** Shares of Australia's Strategic Materials  ASM.AX  jump
as much as 21.1% to A$1.235, posting their biggest intraday pct
gain since Oct. 26
    ** The miner says it has signed an agreement to sell
neodymium iron boron alloy from its Korean metals plant to
U.S.-based rare-earths magnet maker Noveon Magnetics Inc
    ** Under the agreement, ASM will sell 100 tonnes of the
alloy, which is used in making permanent magnets for electric
vehicles and wind turbines, to Noveon until next March 
    ** Stock tops gains on the All Ordinaries index  .AORD ,
hitting highest level since May 9
        ** About 860,000 shares change hands, vs 30-day average
volume of ~470,000
  
    ** ASM stock down ~29% YTD, as of last close

 (Reporting by Harish Sridharan and Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))