Hyundai Engineering secures order to carry out basic design of ASM plant in Australia

Lim Chang-won Reporter() | Posted : June 9, 2022, 16:15 | Updated : June 9, 2022, 16:15

[Courtesy of Hyundai Engineering]

SEOUL -- Hyundai Engineering, a unit of South Korea's Hyundai auto group, secured an order to carry out the basic design of a plant that will be built by Australian Strategic Materials (ASM) to refine and produce rare earth and strategic minerals such as zirconium and neodymium.

Hyundai Engineering (HEC) said 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 means basic engineering conducted after conceptual design or feasibility study.

"It is significant in that we have worked closely with Australia's ASM to diversify our business by participating in the mineral refining plant construction project for the first time, and have expanded the market to Australia after Europe and the United States," an unnamed HEC official 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 percent equity stake in the Dubbo project. The investment will help South Korean industries gain a stable supply chain for main materials used in the production of electric vehicles and defense instruments.
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