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Australian Strategic Materials (ASX: ASM) opens South Korea’s first critical metals plant – The Market Herald

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  • Australian Strategic Materials (ASM) opens its first high-purity critical metal plant in Ochang, South Korea
  • Korean Metals Plant ASM (KMP) will produce critical metals and alloys according to customer requirements using its patented, energy efficient metallization process
  • Initial attention will focus on neodymium iron boron, which is a key component of permanent magnets in electric cars and titanium alloys used in the high-tech industry.
  • The opening of the plant took place at a ceremony and ceremony attended by key representatives of the government and business community of Australia and Korea.
  • ASM closes the day at 5.4 percent in the red, with shares trading at $ 5.26

Australian Strategic Materials (ASM) has opened its first high-purity critical metals plant in Ochang, South Korea.

The Korean Metals Plant ASM (KMP) will manufacture critical metals and alloys according to customer specifications using its patented, energy efficient metallization process.

Initial attention will be paid to boron with neodymium iron, which is a key component of permanent magnets in electric vehicles and wind turbines, as well as titanium alloys used in the high-tech industry.

The opening of the plant took place at a ceremony and ceremony attended by key representatives of the governments and business communities of Australia and Korea.

It was also attended by the Governor of Chungcheongbuk Province Xi Jeong Lee and Vice Mayor of Cheongju Se-dong O.

“We know that global demand for critical metals is projected to outpace supply. Our Korean metal plant is a new source of these critical metals. The plant’s products will help eliminate risks and eliminate bottlenecks in the global supply chain, ”said CEO David Woodal.

“This plant also signals a new direction for Australia’s resource sector and our strategic collaboration around the world. Australia can leverage its global reputation and experience in the resource sector by moving into the clean energy sector with strategic global partners such as Korea. ”

ASM ended the day 5.4 percent down from a $ 5.26 share trade.

https://themarketherald.com.au/australian-strategic-materials-asxasm-opens-first-critical-metals-plant-in-south-korea-2022-05-12/

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