PERTH (miningweekly.com) – ASX-listed Australian Strategic Materials (ASM) has partnered with US rare earth magnet manufacturer Noveon Magnetics Inc, signing a sales agreement for neodymium iron boron (NdFeB) alloy from the Korean Metals Plant (KMP).

The agreement provides for the sale of 100 t of NdFeB alloy from the KMP, to be delivered to Noveon in accordance with an agreed schedule during the period up to the end of March 2024, at a fixed price per tonne.

ASM said in a statement on Tuesday that the companies would develop a strategic partnership relating to long-term offtake for rare earth materials supporting magnet production, and they have agreed to use all reasonable endeavours to enter into a long-term supply and purchasing agreement.

“At ASM we are delighted to announce the start of this strategic partnership with Noveon and the first sale of NdFeB alloy from our KMP. This is the result of much hard work and dedication from the ASM team including the successful commissioning of the strip alloy caster earlier this year,” ASM MD Rowena Smith said.

“As we continue to work with Noveon, we look forward to ongoing discussions to meet Noveon’s supply requirements in line with their development.”

KMP was officially opened last year, and will produce critical metals and alloys to customer specifications, using ASM’s patented, energy efficient metallisation process. The initial focus will be on NdFeB and titanium alloy.