Under the Joint Statement of Cooperation, ASM and Korean Mine Rehabilitation and Resource Corporation (KOMIR) have agreed to work together to expand the use of rare earths and critical metals in Korea and develop import opportunities that will secure the supply of these metals for Korean industry.

The Joint Statement of Cooperation is a firm sign of Korea's commitment to securing its supply of critical metals and to working with ASM to deliver an outcome that is beneficial to the Korean supply chain.

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ASM managing director David Woodall said the agreement built on the collaborative relationship between Korea and ASM.

"ASM welcomes this opportunity to work with KOMIR to provide an alternative, secure and sustainable supply of critical metals," he said.

"ASM will commence production of critical metals at ASM's Korean Metals Plant in 2022."

KOMIR chief executive officer Kyu-yeran Hwang said the South Korean government supported the operation of critical metals plants to improve the supply and demand of rare earth minerals

"Partnering with ASM will enable us to deliver on our strategy to ensure a stable, secure supply of critical minerals and metals for the South Korean industry."

The key areas contemplated for cooperation under the agreement are the importation of rare-earth products into Korea, including for strategic stockpiling, and supplying ASM with rare-earth products to enable Korean domestic production of rare-earth magnet feed metal at ASM's Korean Metals Plant.