Australian Strategic Materials Ltd (ASX:ASM) MD Rowena Smith speaks with Proactive soon after signing a five-year binding sales and tolling framework agreement with USA Rare Earth. The agreement was made through ASM's wholly owned subsidiary, ASM Korea Co., Ltd, and is set to strengthen ASM's strategic supply relationships with the US magnet production industry.
Under the agreement, ASM's Korean Metals Plant (KMP) will supply neodymium iron boron (NdFeB) alloy to support USARE's production ramp-up of high-performance rare earth magnets.
Smith said: USA Rare Earths magnet manufacturing capability and approach to market makes them a perfect customer and partner for ASM.
As we continue to increase our metal production output from our Korean Metals Plant, this long-term supply agreement demonstrates the growing demand and positive trajectory of the US rare earth magnet market.
USA Rare Earth CEO Tom Schneberger said of the agreement: Having a supply agreement in place with ASM plays a critical role in delivering on our vision of achieving magnet production in 2024.
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Australian Strategic Materials Ltd