Australian Strategic Materials (ASM), owner of the Dubbo Project, has signed a memorandum of understanding (MoU) to establish its first metals plant in Korea.
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Other signatories to the MoU are the Chungcheongbuk-do Provincial Government and Cheongju-si City Government.
The metals plant will be based in the Ochang Foreign Investment Zone in Korea.
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ASM managing director David Woodall said the MoU and "strong support" from the Korean Ministry of Trade, Industry and Energy and the Chungbuk Provincial Government, provided the company with confidence to build the metals plant in the zone.
"With key Korean manufacturing companies like LG Chemical, Samsung SDI, SK Hynix, and Hyundai Mobis within close proximity, we are confident that building our first metals plant in this well-established industrial area will provide significant benefits," he said.
ASM reports the MoU covers supply of utilities, administrative licences and permit procedures, including the Korean Standard Industrial Classification code for rare metals and rare earth metals.
It also includes a government grant, in accordance with Foreign Investment Promotion Act, the company says.
The Dubbo Project is based on a large in-ground polymetallic resource of zirconium, rare earths, niobium, hafnium, tantalum and yttrium at Toongi.
ASM's Korean metals plant will initially produce high-purity neodymium-iron-boron powder and titanium powder using an innovative, low-energy metallisation process.
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