ASM and KOMIR Cooperate to Expand Use of Rare Earths in Korea

Australian Strategic Materials Ltd (ASM) has signed a joint declaration of cooperation with Korea Mine Rehabilitation and Resources Corporation (KOMIR), formerly known as Korean Resources Corporation (KORES), to secure the supply of rare earths and critical minerals to Korea.

KOMIR is the Korean government agency responsible for national resource security, including the development of overseas mining and processing capabilities to supply the Korean market. One of KOMIR's strategic objectives is to enhance the nation's ability to access critical minerals.

Under the Joint Cooperation Statement, ASM and KOMIR will work together to expand the use of rare earths and key metals in Korea and develop import opportunities to secure the supply of these metals to Korean industry.

"This builds on the cooperative and collaborative relationship between Korea and ASM, creating an opportunity for further engagement on the strategic issue of supply of key minerals and metals," said David Woodall, managing director of the company. "This joint statement of cooperation is another firm signal that Korea is committed to securing its supply of critical metals and working together to achieve an outcome that benefits the Korean supply chain."

The main areas of cooperation envisaged under the Joint Cooperation Statement include the import of rare earth products into Korea, including for strategic use and the supply of rare earth products to ASM to enable domestic production of rare earth magnet feedstock metals at Korea Metals.

Kyu-yearn Hwang, CEO of KOMIR, commented, "In order to improve the supply and demand of rare earths in Korea, the Korean government supports the operation of key metal plants in Korea. The partnership with ASM will enable us to realize our strategy to ensure a stable and secure supply of key minerals and metals for the South Korean industry."

Woodall concluded, "Our company is pleased to have this opportunity to partner with KOMIR to provide an alternative, secure and sustainable supply of critical metals, which the company will begin producing in 2022 at Korea Metals facility."

Strategic Materials Australia Ltd. is an emerging integrated producer of critical metals for advanced and clean technologies. The company's "mine to metal" strategy is to extract, refine and manufacture high purity metals and alloys for direct supply to global technology manufacturers.

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