Australian Strategic Materials Ltd (ASX:ASM) has picked up grant funding for its heavy rare earths solvent extraction circuit at the Dubbo Project in New South Wales.
The award of $500,000 under Stream 1 of the NSW Government’s Critical Minerals and High-Tech Metals Activation Fund was announced by the NSW Deputy Premier and Minister responsible for Resources, Paul Toole MP.
Solvent extraction circuit
ASM was awarded the grant for studies to finalise the process flowsheet for the Dubbo Project’s heavy rare earths solvent extraction circuit, which is being developed in collaboration with the Australian Nuclear Science and Technology Organisation (ANSTO).
ASM CEO Rowena Smith thanked the NSW Government for supporting the Dubbo Project through this Stream 1 funding round.
“Our Dubbo Project has multiple rare earth product lines and this funding will play a key role in finalising the process to deliver terbium and dysprosium products,” Smith said.
Commercial development of key REEs
“With terbium and dysprosium not currently produced in NSW, commercial development of these products will benefit not just ASM but support the region and NSW as a whole, as the state looks to become a major global supplier and processor of critical minerals and high-tech metals into the future.”
ASM was one of 19 grant recipients that share in the more than $8.6 million allocated under Stream 1 of the $130 million fund.