ASM expands rare earth metal sales amid new magnet deals and Dubbo capex cut

ASM(Australian Strategic Materials)

ASM expands rare earth metal sales with larger NdFeB and NdPr allocations across key markets. The move reinforces supply chain diversification for magnets. Therefore, ASM expands rare earth metal sales while building momentum for upstream integration.

New sales with Noveon, VAC and Neo

ASM agreed 22.2t of NdFeB metal sales in April–June. It will supply 15t to Noveon Magnetics and 7.2t to VAC. Shipments began with 1.2t to Noveon and 1.2t to VAC in June. Remaining volumes deliver through the second half of 2025.

ASM sold 10t of NdPr metal to Neo in July. Cumulative NdPr sales to Neo reached 29t. It also sold 2kg of dysprosium and 2kg of terbium. Meanwhile, the partners are pursuing tolling deals for NdPr, Dy, and Tb.

These contracts expand non-Chinese magnet supply options. They support Western magnet manufacturing and defense applications. As a result, ASM expands rare earth metal sales into priority geographies. The Korean Metals Plant anchors NdFeB alloy output and metallisation capacity.

Dubbo capex cut strengthens upstream integration

ASM cut Dubbo’s forecast capex by A$900mn to A$740mn. The updated scoping study revised flowsheets for cost and efficiency. The company plans to feed its Korean Metals Plant from Dubbo. It will add titanium, zirconium, hafnium, and niobium products.

Government agencies in the US, Australia, and Canada signalled financing interest. Therefore, Dubbo could accelerate downstream diversification and offset market volatility. Together with current contracts, the platform underpins long-term magnet security.

The Metalnomist Commentary

ASM is stitching together a credible mine-to-metal pathway. The Dubbo reset lowers capital intensity as offtake widens. Watch execution at the Korean Metals Plant and the pace of tolling agreements.