SEOUL – Hyundai Engineering, a unit of South Korean automotive group Hyundai, has won an order to carry out the basic design of a plant to be built by Australian Strategic Materials (ASM) to refine and produce rare earths and strategic minerals such as zirconium and neodymium.
Hyundai Engineering (HEC) has announced that it has signed a contract with Australian Strategic Materials (ASM) for the front-end engineering design (FEED) of the plant, which is part of ASM’s project in Dubbo, northwest of Sydney. FEED stands for Basic Engineering performed after Concept Design or Feasibility Study.
“This is significant as we have worked closely with Australia’s ASM to diversify our business by participating in the project to build an ore refining plant for the first time, and have expanded the market to the ‘Australia after Europe and the United States,’ an unnamed HEC official said. said in a statement on June 9.
ASM is a producer of critical metals for advanced and clean technologies. In July 2021, a consortium of three South Korean private equity firms partnered with ASM to create a $250 million fund and secure a 20% stake in the Dubbo project. The investment will help South Korean industries gain a stable supply chain for key materials used in the production of electric vehicles and defense instruments.
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