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Australian Strategic Materials to sell rare-earth alloy to Noveon Magnetics

Kitco Media
By Reuters
Published:
Updated:
Reuters

May 16 (Reuters) - Australian Strategic Materials Ltd said on Tuesday it has signed an agreement to sell neodymium iron boron alloy from its Korean metals plant to U.S.-based rare-earth magnet maker Noveon Magnetics Inc.

Under the agreement, the company will sell 100 tonnes of the alloy, which is used in making permanent magnets for electric vehicles and wind turbines, to Noveon till March 2024.

The miner said it was looking to develop a long-term partnership with Noveon for the offtake of rare-earth materials.

Earlier this month, Australian Strategic Materials signed a deal to buy rare-earth oxides from Vietnam for use as feedstock at its Korean processing plant.

(Reporting by Poonam Behura)

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