Australian Strategic Materials Ltd. (ASX:ASM) is seeking investors for its Dubbo project in New South Wales state, the company's Chief Executive Rowena Smith said on November 30, 2022. “So we are looking for offtake partners who will then take an equity portion in the project,” Smith told Reuters at the Australia-Korea Business Council (AKBC) conference in Sydney. “We are in conversation with a number of parties at the moment about that potential,” she said.

Investment from South Korea, where ASM already has some operations would be the “first and strongest option”, she said. We would be looking for an equity contribution of about 20%-40% of the Dubbo project,” she said. Any investor in Dubbo “may also choose to choose to take an equity position in the Korean Metals Plant as well,” she said.

Smith said ASM wants to have a deal in place by mid-2023. The company is also talking to companies in the United States, Japan and Europe, she said.