Following China’s decision to add seven rare earths to its export control list in April, Australian Strategic Materials (ASM) has cemented its status as the only ASX-listed company that can commercially produce rare earth metals and alloys.

ASM’s flagship metallisation plant in Seoul, South Korea open in May 2022. Since then, ASM has commissioned the plant’s neodymium praseodymium (NdPr) metal and neodymium iron boron (NdFeB) strip alloy production lines and is supplying product globally.

ASM’s Korean metals plant (KMP) is one of the only facilities outside of China that can produce these high-tech metals and alloys.

Following successful product validation work and global uncertainty due to China’s export control list, ASM has seen increased sales enquiries and accelerated customer discussions.

ASM’s KMP has secured two binding sales purchase orders, one in the US and the other in Germany.

The US order – for smart magnet manufacturer Noveon Magnetics – comprises 15 tonnes of NdFeB alloys. This follows the sale of 100 tonnes (t) of NdFeB alloys to Noveon in May 2023.

The 15t order will commence with an initial shipment this month, with the balance to be delivered in the second half of 2025.

The German order – for advanced magnetics solutions provider Vacuumschmelze – will see 7.2t of NdFeB alloys delivered across five different specifications.

The first shipment will commence in July and will continue in the second half of 2025. This follows a successful product validation process.

ASM has also successfully delivered 19t NdPr to Magnequench, a Neo Performance Materials subsidiary, with discussions for further sales progressing well.

“Our strengthening metal and alloy order book is the result of consistent and purposeful customer collaboration and enhanced technical know-how, combined with the increasing urgency for an alternative rare earth supply chain to meet global forecast demand,” ASM managing director and chief executive officer Rowena Smith said.

“In recent months, ASM’s position as one of the leading ex-China producers of NdPr metal and NdFeB alloy has been cemented. Having navigated rigorous validation processes with existing and potential customers – proving our capability and product quality – we are now in a position to leverage our growing experience and reputation in the industry.”

China has long held the title as the world’s largest rare earths producer, but ASM is helping build a rare earths supply chain outside of the country.

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