Australian Strategic Materials to sell rare-earths alloy to US magnet maker (updated)

Australian Strategic Materials

03/08/2023 01:13

(Adds details on the deal, background in paragraphs 2-5)
       Aug 3 (Reuters) - Australian Strategic Materials
 ASM.AX  said on Thursday it had signed a five-year agreement to
supply neodymium iron boron (NdFeB) alloy from its Korean Metals
Plant to magnet maker USA Rare Earth LLC.
    The deal, signed through unit ASM Korea Co Ltd, will secure
the majority of USA Rare Earth's metal and alloy requirements
for magnet production until it begins using materials from its
Round Top reserve in Texas, the company said in statement.
        ASM 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.     
        In May, the company signed a similar deal with
U.S.-based rare-earths magnet maker Noveon Magnetics Inc to sell
100 tonnes of the alloy.
        ASM had earlier signed a deal to buy rare-earths oxides
from Vietnam to be used as feedstock for Korean Metals Plant. It
is also developing its own rare-earths mine Dubbo in New South
Wales, Australia.
            
  


 (Reporting by Himanshi Akhand in Bengaluru; Editing by
Subhranshu Sahu and Sherry Jacob-Phillips)
 ((Himanshi.Akhand@thomsonreuters.com;))