Australian Strategic Materials climbs to 6-month high on US supply deal

Australian Strategic Materials

04/08/2023 05:32

** Shares of Australian Strategic Materials  ASM.AX  climb
as much as 8.5% to A$1.855, extending gains for a fourth
straight session and hitting its highest level since Feb 22 
    ** On Thursday, ASM said it signed a five-year agreement to
supply neodymium iron boron (NdFeB) alloy to magnet maker USA
Rare Earth LLC
    ** Co expects to start supplying NdFeB alloy, which is used
in making permanent magnets for electric vehicles and wind
turbines, to USA Rare Earth in 2024
    ** ASM closed up 5.6% on Thursday; shares up ~21% so far
this week
    ** About 815,000 shares change hands on Friday, vs the
30-day average volume of 501,000 shares
    ** Stock up 19.2% YTD, as of last close
    

 (Reporting by Harish Sridharan in Bengaluru)
 ((harish.sridharan@thomsonreuters.com))