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Australian Strategic Materials Ltd will buy rare earth oxides from Vietnam to be used as feedstock for its Korean processing plant, the critical minerals developer said on Monday.
The company will buy 100 tonnes of rare earch oxides over the rest of 2023 from Vietnam Rare Earth Company.
ASM did not disclose how much it would pay, but said the deal value would be determined based on published market prices for neodymium-praseodymium oxide.
Rare earths are a group of elements that have applications in electronics manufacturing and batteries, making them important for the global transition towards cleaner sources of energy and in defence.
“This additional security of feedstock supply for the KMP, will, in turn, allow us to broaden our options for oxide sales from Dubbo once the project is up and running,” said CEO and managing director Rowena Smith.
The purchased material will be used as feedstock for its Korean Metals Plant (KMP), located in the Ochang province of South Korea. ASM is also developing its own rare earths mine Dubbo in New South Wales, Australia.
(By Himanshi Akhand and Harshita Swaminathan; Editing by Rashmi Aich)
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