Australian Strategic Materials Ltd’s (ASX:ASM) research and development partner ZironTech has produced 5.3 kilograms of high-purity praseodymium metal at its pilot plant in South Korea.
The production of 99.3% pure praseodymium metal marks a key stage of the patented metallisation process for permanent magnet metals.
ASM is progressing to the production of dysprosium and to alloying the key permanent magnet metal neodymium/praseodymium (NdPr) with this work to start this month.
Shares were up almost 13% to $1.23 today.
Clean technology
According to the company, the patented metallisation process does not have negative environmental impacts that exist in the current supply chain of these critical materials.
ASM has an exclusive worldwide licence to commercialise this clean and environmentally responsible metal-refining technology.
Through its patented technology, the company aims to engage countries like Korea which are moving away from less sustainable traditional production methods.
‘Mine to metals’ producer
ASM managing director David Woodall said: “It has been a real privilege to be in Korea at this time and see the commercial pilot plant and team in action.
“These metals are essential for advanced technologies, including electric vehicles and clean energy.
“The production of these key permanent magnet metals brings ASM a step closer to being an integrated ‘mine to metals’ producer."
"Strong base to progress opportunities"
Woodall said: “We embrace and look to engage with countries, like Korea, that have a vision to move away from the less sustainable traditional production methods.”
“This significant result provides a strong base for ASM to progress opportunities with various government and business groups to supply critical materials to Korean industry efficiently and with responsibility to the environment.”
“The same could apply to Australia, with ASM the only potential integrated supplier of these critical metals, that could support the development of a new technologies’ manufacturing sector in Australia, creating employment and providing a supply base to Australia.”
Progress at Dubbo project
ASM continues to progress on its objective to deliver an integrated metals business inclusive of the metallisation and an optimised Dubbo Project in Central West NSW.
While advancing development of this integrated metals plan within Korea and globally, the Dubbo Project remains ready for construction with all major approvals and licences in place, an established extraction process flow sheet and a solid business case.
The JV connects ASM directly with leading South Korean companies for offtake contracts under the South Korea-Australia free trade agreement thus strengthening the economics of the Dubbo Project.