SYDNEY, AUSTRALIA: and SAN MARCOS, TEXAS: Australian Strategic Materials (ASX:ASM) and Noveon Magnetics Inc. announced a strategic partnership to supply rare earth magnets. Under the terms of the agreement, ASM will supply Noveon with 100 tonnes of neodymium iron boron (NdFeB) alloy from its Korean Metals Plant (KMP) over a period of one year.
ASM is a vertically integrated producer of rare earths, with a portfolio of assets that includes the KMP, a high-grade rare earths project in Australia, and a rare earths refinery in China. Noveon is a leading manufacturer of rare earth magnets, with a state-of-the-art manufacturing facility in San Marcos, Texas.
The partnership between ASM and Noveon will provide both companies with a number of benefits. For ASM, the agreement will provide a long-term offtake agreement for its rare earths production, while for Noveon, the agreement will provide access to a reliable and high-quality source of rare earths.
“We are delighted to announce this strategic partnership with Noveon,” said Rowena Smith, Managing Director of ASM. “This partnership is a testament to the quality of our rare earths production and our commitment to providing our customers with a reliable and sustainable supply of rare earths.”
“We are excited to partner with ASM,” said Scott Dunn, CEO of Noveon. “ASM is a leading producer of rare earths, and we believe that this partnership will help us to meet the growing demand for rare earth magnets.”
The partnership between ASM and Noveon is a significant development for the rare earths industry. It demonstrates the growing demand for rare earths and the importance of securing a reliable and sustainable supply of these critical materials.
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