Australian Strategic Materials (ASM) has signed an agreement with Noveon Magnetics Inc. for the sale of neodymium iron boron (NdFeB) alloy from the Korean Metals Plant (KMP).
The agreement provides for the sale of 100 tonnes of NdFeB alloy from KMP to Noveon by March 2024. The parties have agreed on a set price per tonne for this shipment of NdFeB alloy based on its high-quality standard. Any extra requirements, including those delivered through future arrangements, will be invoiced individually based on the alloy’s rare earth concentration. Pricing will be based on the oxide’s market price.
The parties will undertake reasonable efforts to enter into a long-term supply and buying arrangement for rare earth materials used in magnet manufacture.
The agreement is otherwise on standard terms and conditions for a contract of this type.
“At ASM we are delighted to announce the start of this strategic partnership with Noveon and the first sale of NdFeB alloy from our Korean Metals Plant. 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 Managing Director Rowena Smith said.
Noveon CEO Mr Scott Dunn also commented on the agreement, saying: “At Noveon, we set out to develop a superior rare earth magnet. It is an important part of our mission to establish a reliable, high-quality supply chain for NdFeB alloy. We have been impressed with the achievements of ASM at the Korean Metals plant, and we look forward to growing our partnership with ASM.”
