Australian Strategic Materials jumps most in 1 week on rare-earths alloy deal

Australian Strategic Materials

16/05/2023 02:21

** Shares of Australian Strategic Materials  ASM.AX  jump as
much as 8.8% to A$1.110, posting their biggest intraday pct gain
since May 8
    ** 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
    ** Says co to sell 100 tonnes of the alloy to Noveon until
March 2024 under deal 
    ** ASM stock down 28.9% YTD, as of last close

    

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