Australian Strategic Materials (ASM) has opened its first high purity critical metals plant in Ochang, South Korea, consolidating the company’s strong partnership with Korea and offering an alternative source of critical metals needed to meet forecast global demand.
The Korean Metals Plant (KMP) will produce critical metals and alloys to customer specifications, using ASM’s patented, energy efficient metallisation process. The initial focus will be on neodymium iron boron (NdFeB) and titanium alloy. Neodymium iron boron is a key component of permanent magnets used in electric vehicles and wind turbines, while titanium alloys have uses across multiple high tech industries.
ASM’s Korean Metals Plant was officially opened with a celebration and ceremony attended by key representatives from the Australian and Korean Governments and business community. ASM was honoured to have in attendance Her Excellency, Ms Catherine Raper; Mr Si-jong Lee, Governor of Chungcheongbuk Province; and Mr Se-dong Oh, Vice Mayor of Cheongju.
ASM Managing Director, David Woodall, welcomed guests to the opening, noting the significance of the plant for the global critical metals supply chain.
“We know that global demand for critical metals is predicted to outstrip supply. Our Korean Metals Plant represents a new source for these critical metals. Products from the plant will help to de-risk and relieve bottlenecks in the global supply chain,” Mr Woodall said.
“This plant also signals a new direction for Australia’s resource sector and our strategic collaborations worldwide. Australia can harness its world-leading reputation and expertise in the resources sector, moving into the clean energy sector with strategic global partners such as Korea.”
Mr Woodall also thanked the ASM staff and team in Korea, for their fantastic achievement in completing construction of the plant within nine months of last year’s ground-breaking ceremony.
“The team in Korea, along with our construction partners have done a fantastic job in designing and delivering this facility. This is an outstanding achievement by all, especially given the difficulties we have faced with delays and disruptions due to covid,” Mr Woodall said.
Although unable to attend the opening in person, ASM Chair, Ian Gandel, sent an expression of thanks on behalf of the ASM Board to all involved in the KMP’s development and progress.
“The Board extends our gratitude to our Korean partners and friends, especially the government of Korea and the Provincial Government of Ochang. All have helped us progress to this important milestone,” Mr Gandel said.
“This is a great moment for our partnership, as we seek to establish a real alternative supply option for the critical metals needed to meet net zero targets and to leave our world with cleaner energy options for our children and future generations.”
The Korean Metals Plant is Australian Strategic Materials’ flagship metals plant. It is operated by the company’s wholly-owned subsidiary Korean Strategic Materials and Metals (KSMM). The plant is an integral part of ASM’s vertically integrated mine to metals business model. Future metals plants based on its success are planned in other strategic geographic locations. They will be supported by raw material mined and processed at ASM’s Dubbo Project.
