Korean Consortium concludes due diligence on ASM’s flagship Dubbo Project

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Emerging “mine to manufacturer” producer of critical metals Australian Strategic Materials (ASM) has announced that the consortium of South Korean Investors, comprising Cerritos Holdings, Kamur Partners, and ACE Equity Partners, has successfully completed due diligence on its flagship Dubbo Project.

ASM’s Managing Director, David Woodall, said the move represents a key milestone in progressing the consortium fund’s proposed conditional investment under the Framework Agreement announced in mid-2021.

“We are very pleased to have successfully concluded the due diligence process. Together we are now focused on securing a significant South Korean strategic investor to partner with ASM on its Dubbo Project, and to completing the terms for a formal binding agreement,” Mr Woodall said.

“Our relationship with our Korean partners continues to go from strength to strength.”

Spokesperson for the Investing Partnership, CEO and Founder of Cerritos Holdings, Pumsoo Ra said the Investing Partnership was “committed to working with ASM to finalise an investment in relation to the Company”.

“It is clear that ASM has the resources and technical capacity to partner with us to support the supply chain of critical metals needed for the production of clean energy technologies such as electric vehicles and renewable energy generation capacity, as well as advanced electronics,” Mr Ra continued.

“We need that supply chain to be secure and reliable, and we look forward to continuing our discussions with ASM and our partners in Korea.”

Image Credit: Australian Strategic Materials