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Australian Strategic Materials Ltd to start designing Korean Metals Plant after scoping study demonstrates feasibility
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2021-03-02 by Proactive Australia
Australian Strategic Materials Ltd (ASX:ASM)(OTCMKTS:ASMMF) will begin detailed design engineering work on a metals processing plant in Korea, following a scoping study that confirmed its economic potential.
The Korean Metals Plant will initially be used to produce high-purity neodymium iron boron (NdFeB) powder and titanium powder, which can be used to create rare earth permanent magnets, currently in high demand in Korea.
ASM s board has approved US$1.5 million for detailed design engineering of the plant, which will provide a fully engineered scope of works and further refine capital estimates before a final investment decision, which is due to occur by June this year.