Name of the Project
Dubbo heap-leach project.

Location
Toongi, near Dubbo, New South Wales, Australia.

Project Owner/s
Global rare earths and critical minerals business Australian Strategic Materials (ASM).

Project Description
The rare earth and critical minerals development project is underpinned by a 42.81-million-tonne measured mineral resource. It is strategically positioned to provide an alternative, ex-China source of key rare earths and is integrated into ASM’s mine-to-metals strategy, which includes downstream metallisation facilities, in South Korea.

ASM is pursuing a phased development approach, with the first phase focusing on the production of high-purity separated rare-earth oxides – specifically neodymium/praseodymium, dysprosium and terbium. This initial development stage will use heap leaching, a simplified and lower-cost processing method, to treat one-million tonnes of material a year over a 42-year mine life.

Average production in years 3 to 15 of operation is estimated at 1 157 t/y neodymium/praseodymium oxide, 72 t/y of dysprosium oxide and 13 t/y of terbium oxide. Rare earths will be recovered by hydrochloric acid heap leaching, followed by in-house purification, separation and refining technologies developed through extensive metallurgical testwork.

Potential Job Creation
Not specified.

Net Present Value/Internal Rate of Return
In the base case the project has a pretax net present value (NPV), at an 8% discount rate, of A$967-million and in the Adamas case an NPV of A$1.468-billion, and an internal rate of return of 18.3% and 22.9% respectively. Payback is estimated at 5.8 years in the base case and 4.3 years in the Adamas case. 

The Adamas case provides the high-end estimate of potential returns, assuming stronger rare earth prices than the more conservative base case.

Capital Expenditure
A$740-million, including an 18% contingency.

Planned Start/End Date
The prefeasibility study is targeted for completion in the first quarter of 2026. If advanced, the construction period is expected to span 30 months.

Latest Developments
None stated.

Key Contracts, Suppliers and Consultants
DRA Pacific (preliminary engineering and cost estimates); Bechtel Mining and Metals (front-end engineering design); and ANSTO (pilot plant collaboration).

Contact Details for Project Information
Australian Strategic Materials, tel +61 8 9200 1681 or info@asm-au.com.