Australian Strategic Materials to sell rare-earth alloy to Noveon Magnetics (updated)

Australian Strategic Materials

16/05/2023 24:34

(Adds details on agreement in paragraph 2)
       May 16 (Reuters) - Australian Strategic Materials Ltd
 ASM.AX  said on Tuesday it has signed an agreement to sell
neodymium iron boron alloy from its Korean metals plant to
U.S.-based rare-earth magnet maker Noveon Magnetics Inc.
    Under the agreement, the company will sell 100 tonnes of the
alloy, which is used in making permanent magnets for electric
vehicles and wind turbines, to Noveon till March 2024.
    The miner said it was looking to develop a long-term
partnership with Noveon for the offtake of rare-earth materials.
    Earlier this month, Australian Strategic Materials signed a
deal to buy rare-earth oxides from Vietnam for use as feedstock
at its Korean processing plant.

 (Reporting by Poonam Behura)
 ((Poonam.Behura@thomsonreuters.com))