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Australian Strategic Materials hits new high on US$250 million framework agreement with South Korean consortium for 20% of Dubbo Project
This agreement creates a financing pathway for ASM to develop the Dubbo Project and execute its mine to metal strategy. At the signing ceremony, from left, Australian Ambassador to the Republic of Korea Catherine Raper, ACE Equity Partners CEO David Ko, Cerritos Holdings CEO PS Ra, Kamur Partners CEO Jerry Kwak, ASM chair Ian Gandel, Australian Minister for Trade, Tourism and Investment Dan Tehan and ASM managing director David Woodall.
Australian Strategic Materials Ltd (ASX:ASM) (OTCMKTS:ASMMF) has hit a new high after entering a conditional exclusive framework agreement with a consortium of South Korean investors to subscribe for a 20% equity interest in the Dubbo Project along with offtake from the company s Korean Metals Plant.
ASM signs $250M agreement with South Korean consortium for 20% stake in rare earths project pm-review.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from pm-review.com Daily Mail and Mail on Sunday newspapers.
By Reuters Staff
2 Min Read
(Reuters) - Miner Australian Strategic Materials said on Monday it had secured a A$200 million ($151.68 million) loan to develop its flagship Dubbo rare earths project in New South Wales, as demand for critical and rare earth metals surged worldwide.
The rare earths producer secured the funding from Export Finance Australia (EFA) for the construction of the project which will produce metals such as zirconium and niobium considered crucial for the economy and rare earth metals including neodymium and praseodymium.
“The critical metals we will produce from the Dubbo Project are all in high demand for a suite of modern industrial applications, including energy efficient technologies, electric vehicles,” Managing Director David Woodall said in a statement.
Why is Australian Strategic Materials (ASX:ASM) share price higher today?
Kerry Sun | April 29, 2021 10:52am |
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Australian Strategic Materials Ltd(ASX: ASM) share price has nudged 1% higher on Thursday after the company released its March quarterly activities report.
Australian Strategic Materials is an integrated materials business and emerging ‘mine to manufacturer’ producer of critical metals. The company owns the Dubbo project in NSW, a proven long-term resource of rare earths.
Currently, the company is developing its metallisation plant in South Korea to produce a range of high-purity metals and alloys.
At the time of writing, the share price has retreated slightly to $4.82, up 0.84%.
2021-04-26 by Proactive Australia
Australian Strategic Materials Ltd (ASX:ASM) directors have demonstrated their confidence in the company s rare earth metals technology strategy by participating in a one for 14 pro-rata non-renounceable entitlement offer.
This entitlement offer raised more than $26.9 million and took the company s capital raising to almost $92 million after a placement to institutional and sophisticated investors brought in $65 million.
The company received applications from eligible shareholders for 5,608,145 new shares at A$4.80 per share in the offer, representing an approximate 65.23% take-up.
Change of director interests
On April 23, non-executive chairman Ian Gandel acquired a total of 2,105,611 million shares in the offer in two separate indirect interests for combined value of more than $10.1 million.