As the world faces a unique set of challenges, including climate change, maintaining international security, and the economic recovery from the global pandemic, Australia and Korea are uniquely positioned to play an important role in the global response.
Australia’s rich endowment of natural resources, Korea’s enormous industrial base – and both countries’ commitment to innovation and collaboration – creates a compelling combination for us to make a meaningful contribution to these challenges.
Critical metals are the building blocks of the technologies that are vital for electric vehicles and wind turbines – which pave the way for increasing use of renewable energy, and reduced carbon emissions. These metals are also important for our defence and aerospace industries, as well as telecommunications and advanced electronics.
Australian Strategic Materials Limited (ASM) is proud to be working in partnership with businesses and Government in Korea and Australia to create an alternative, environmentally sustainable and secure supply chain for critical metals.
This year we will start commercial production of critical metals at our Korean Metals Plant, a move that significantly de-risks the global supply chain for these materials. It will provide Korea’s industry with access to the inputs it needs to grow with confidence.
Our collaboration with Korea spans many levels. Our core metallisation technology was developed in collaboration with partners in Korea. This unique metallisation technology is energy efficient and recycles key inputs.
In July this year we were delighted to announce that we had entered into a Conditional Framework Agreement with a consortium of Korean investors. Under the Agreement a consortium fund will invest $US250m into our Australian rare earths mine and production facility in Dubbo, and enter into a 10-year offtake agreement for permanent magnet strip metal alloy from our Korean Metals Plant.
Our Dubbo Project will be a key supplier of the rare earths oxides that will feed our Korean Metals Plant. We are targeting a net-zero carbon emissions project, and when combined with our low-emissions metallisation process, will provide a complete critical metals supply chain with world-leading environmental performance.
The Korean and Australian Governments – both cognisant of the strategic imperative for developing an alternative critical metals supply chain – are supporting us, in Australia’s case, considering a $A200m finance package, and in Korea, assisting us to locate our metals plant in the Ochang Foreign Investment Zone.
As a Company that is building for a bright future in both Australia and Korea, ASM is proud to both support and participate in the Australia Korea Business month. Using our natural advantages, our shared values and our willingness to collaborate, we have an opportunity to make the world cleaner, and more secure, while prospering in business together.
Managing Director – Australian Strategic Materials Limited
Image: ASM and our Korean Partners at the signing ceremony for our framework Agreement: Attendees from L to R: Ms Catherine Raper, Australian Ambassador to the Republic of Korea; Mr David Ko, CEO of ACE Equity Partners LLC; Mr PS Ra, CEO of Cerritos Holdings Co., Ltd; Mr Jerry Kwak, CEO of Kamur Partners LLC; Mr Ian Gandel, Chair of ASM; The Honorable Mr Dan Tehan, Australian Minister for Trade, Tourism and Investment; and Mr David Woodall, Managing Director of ASM.