ASM Korean Corporation KSM Metals "Emerging as a Global Supplier of Rare Earths and More"
Rare earth elements. (Photo by Asia Economy DB)
[Asia Economy Reporter Moon Chaeseok] As the phenomenon of weaponizing resources spreads globally, a rare metal specialist company is anchoring in Korea. The Korean subsidiary of Australian ASM has completed a factory in Ochang, Chungcheongbuk-do.
KSM Metals, the Korean subsidiary of ASM, a rare metal mining and processing company, announced that it held a completion ceremony at the Ochang metal factory on the afternoon of the 12th. This makes it easier for KSM Metals and the Korean industrial sector to stably secure key metals needed for renewable energy and advanced technology industries. Attendees at the completion ceremony included David Woodall, CEO of ASM; Cho Seongrae, CEO of KSM Metals; Lee Si-jong, Governor of Chungbuk; Catherine Raper, Australian Ambassador to Korea; Rowan Pets, Representative of the Australian Chamber of Commerce in Korea; and officials from Samsung C&T and Hyundai Engineering. KSM Metals explained, "Rare earth and key metals are strategic materials essential for future industries, but globally there are many supply chain constraints and they are concentrated in specific regions. The completion of the Ochang factory holds great significance in diversifying the supply of rare earth and key metals needed for major industries."
The KSM Metals metal factory plans to produce key metals and alloys tailored to customer specifications through the company's proprietary patented metallization process. Initially, production will focus on neodymium-iron-boron and titanium alloys. Neodymium-iron-boron is a core raw material for permanent magnets used in electric vehicles and wind turbines. Titanium alloys are used in various advanced technology industries.
At the Ochang factory, commissioning is underway after the installation of the first phase of equipment. Commissioning is expected to continue until the second quarter. The production scale is 2,200 tons per year. Initially, production will focus on neodymium and copper titanium metals, and after commissioning ends in the third quarter, full-scale production of key magnet alloys will begin. Additionally, optimization and expansion of the first phase equipment are planned for the second half of the year. Equipment expansion will be carried out according to customer orders and contract status. The second phase equipment installation is scheduled to be completed by mid-next year. This will increase production capacity to 5,200 tons per year.
At the completion ceremony, CEO Woodall said, "The KSM Metals Ochang factory will emerge as a global major metal supplier, helping to eliminate the risk of over-reliance on major metals from specific regions and alleviate supply bottlenecks. I express my gratitude to the KSM Metals executives and employees who achieved the rapid and safe completion of the factory within nine months after the groundbreaking ceremony last year despite the COVID-19 pandemic."
ASM Chairman Ian Gandel said, "Our board deeply appreciates the Korean government and partners who supported KSM Metals to move toward this important milestone. ASM will build key metal supply options necessary to achieve goals like carbon neutrality by 2050." Chairman Gandel emphasized, "The completion of the Ochang factory is a monumental moment in our partnerships."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
