Australian Strategic Materials (ASX:ASM) has entered a strategic partnership with US-based Noveon Magnetics, agreeing to sell 100 tons of neodymium iron boron alloy from its Korean Metals Plant to be delivered by end March 2024.

Noveon is a rare earth magnet manufacturer with a state-of-the-art manufacturing centre in San Marcos, Texas and was founded with the goal of developing a superior magnet.

The parties have agreed to a fixed price per tonne for this shipment, determined by reference to the high quality specification of the alloy.

Australian Strategic Materials and Noveon intend to develop a long-term rare earth materials supply partnership.