Progress toward Europe-made rare earth magnets.
Neo Performance Materials reported a strong performance for the third quarter of 2025, with revenue rising nearly ten percent year over year. The Canadian company says it is firmly on course to expand its permanent-magnet business. CEO Rahim Suleman highlighted key milestones, including the opening of Europe’s largest rare earth magnet factory in Estonia. Full-scale production is scheduled to commence in mid-2026 with an initial annual capacity of 2,000 tonnes, which could later be expanded to 5,000 tonnes.
The company is also advancing the development of a production line for heavy rare earth elements. This new line is being built within Neo’s light rare earth refinery, located about a 30-minute drive from the magnet facility it will eventually supply with dysprosium and terbium. According to Suleman, small-scale production of separated heavy rare earths is expected to start in 2026, as he explained during a conference call on the quarterly results.
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