Plans are for the ASM’s metals plant to supply the alloy to help USA Rare Earth ramp up production of its rare earth magnets from 2024 onwards.
“As we continue to increase our metal production output from our Korean Metals Plant, this longterm supply agreement demonstrates the growing demand and positive trajectory of the US rare earth magnet market,” said ASM managing director Rowena Smith.
According to the company, global demand for NdFeB magnets will increase at a compound annual growth rate (CAGR) of 7.5% from 2023 through 2040, driven by the electric vehicle and wind power sectors.
“ASM provides us with predictable access to a non-Chinese supply of rare earth metals, which allows us to ramp-up our initial production and accelerate our goal of generating revenue, while we continue to construct our own mine,” said Tom Schneberger, CEO of USA Rare Earth.
