Australian Strategic Materials Ltd (ASX:ASM, OTC:ASMMF) has demonstrated very high purity rates for heavy rare earth oxide recoveries at its Dubbo pilot plant, achieving terbium (Tb) and dysprosium (Dy) oxide purity of more than 99.99% and more than 99.95% respectively, exceeding target specifications.
Terbium and dysprosium are key components of permanent magnets, used in a wide variety of energy-related technologies including electric vehicle batteries, wind turbines and hydroelectric applications.
The permanent magnet industry was valued at US$38.19 billion in 2022, expected to grow at a compounding annual growth rate (CAGR) of 8.5% to US$73.35 billion by 2030.
“Industry leading” product quality
“These excellent results demonstrate the strength of ASM’s advanced technical capability,” Australian Strategic Materials managing director and CEO Rowena Smith said.
“Producing both light and heavy rare earth oxides at high purity sets the Dubbo Project and ASM apart and allows us to offer industry leading product quality to our offtake partners.
“Terbium and dysprosium oxides are not only scarce commodities, they are very difficult to separate at high purity.
“With the continued expertise of the team at ANSTO and the welcome support of the NSW Government, we are positioning the Dubbo Project to be at the forefront of Australia’s rare earth and critical minerals evolution.”
ASM’s latest terbium/dysprosium separation work was funded with a $500,000 grant secured under Stream 1 of the NSW Government’s Critical Minerals and High-Tech Metals Activation Fund.
The two heavy rare earths alone represent 18% or about A$151 million of annual forecast revenue for the developing Dubbo Project, which is quickly being positioned as an important element of Australia’s critical mineral processing capacity.