Anglo faces headwinds in keeping restructuring on track
Anglo has been forced to accelerate its restructuring after successfully holding off a bid from BHP, the world’s biggest miner.
Australian Strategic Materials Ltd said on Tuesday it has signed an agreement to sell neodymium iron boron alloy from its Korean metals plant to US-based rare-earth magnet maker Noveon Magnetics Inc.
Under the agreement, the company will sell 100 tonnes of the alloy, which is used in making permanent magnets for electric vehicles and wind turbines, to Noveon till March 2024.
The miner said it was looking to develop a long-term partnership with Noveon for the offtake of rare-earth materials.
Earlier this month, Australian Strategic Materials signed a deal to buy rare-earth oxides from Vietnam for use as feedstock at its Korean processing plant.
(By Poonam Behura)
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