The conundrum here ( and I suspect its a bit of an arm wrestle )...

The conundrum here ( and I suspect its a bit of an arm wrestle ) , is that South Korea presently has the "armoury". perhaps three fold that it has a) the first and as yet only KMP Plant built there b) support ..to some extent of the South Korea Govt and individual precinct where the factory is built and operating and c) Hyundia Engineering is contracted to design the Toongi Plant !
But ASM now hold the processing technology patents/rights ( which I am sure is a cause of extreme frustration on commercial deals) ...and South Korea wants and needs to operate successfully in Australia , doing mining deals on a broader scale ..and specifically to access raw material from Toongi when it eventually gets built . That "plant building and operation "could involve the likes of POSCO ---when the design plans are completed , and Tenders are invited . We are taking considerable sums of money here ( a billion $ plus , depending on whether its built on a "scale up "arrangement ) ...and it will require co-operation and co funding from Govts . Australia certainly , probably South Korea and likely USA ...with European and Japanese funds also available , but maybe those go towards KMP replications ( eventually ) in both Europe and Japan .
Rowena Smith has gone hard on breaking the "mould"set about by David Woodall --that South Korea is the b all and end all , in ASM outcome . Pure supply and demand needs for critical metals . and the wider suite of Nobium/Hafnium/Zirconium available long term --has been a great driver to foster "other market takers " from other countries ...which I am sure are progressing in the same manner as which these offtakes have happened with two USA firms for Nd/Pd .
I suspect Rowena will continue to "hold the carrot"in front of the South Koreans ..and will win a substantial deal , as and when South Korean/Australia Govt Trade talks get done to the fine line of economic co-operation . But the more ASM develop ties elsewhere --particurly as another KMP replica Plant is "agreed "to be built elsewhere ( USA ??), the more the screws will be tightened on the South Koreans .
I personally think ASM has improved its bargaining power immeasureably in the past 12 months , by a combination of good planning and the "urgency " of critical metals supply ex CHINA ramping up expotentially .
ASM might not have it on the share price "scorecard "just yet --but we are one or two announcements away from a re-rate , and Ms Smith has indicated in various Presentations recently , that the end of this 2023 Calender Year is the aim for some of these discussions to have pen to paper !
Fingers crossed .