Australian Strategic Materials (ASX:ASM) signed a memorandum of understanding with Neo Performance Materials to formalize a broader strategic partnership across supply, tolling, and innovation, according to a Tuesday Australian bourse filing.
The agreement is non-binding and serves as a framework for further talks and potential definitive agreements. It is effective from Tuesday for a period of 12 months.
Australian Strategic also reported the first sale of heavy rare earth metals produced at its Korean Metals Plant, consisting of 2 kilograms of terbium and 2 kilograms of dysprosium to Magnequench, a subsidiary of Neo. These heavy rare earth metals were shipped to Neo's permanent magnet manufacturing facility in Estonia.
It also completed the sale of 10 tonnes of neodymium-praseodymium to Neo for use in their permanent magnet manufacturing facilities.
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