Neo Performance and Cyclic Materials: Non-binding Memorandum of Understanding for Recycling Rare Earth Magnet Materials
Production waste from rare earth magnet manufacturing in Europe could in the future be recycled in Canada and subsequently returned to the European industry. A non-binding memorandum of understanding to this effect was signed on Monday by the two Canadian companies Cyclic Materials and Neo Performance Materials.
Last September, Neo opened a rare earth magnet manufacturing facility in Estonia. Under the proposed agreement, Cyclic could also process material sourced from end-of-life magnets or from third-party production and supply it to Neo.
By combining Neo’s advanced magnet manufacturing platform with Cyclic’s innovative recycling technology, the companies aim to help create secure, traceable, and sustainable supply chains for their customers, according to Neo CEO Rahim Suleman.
Both rare earth processing and the production of permanent magnets have been heavily concentrated in China for decades. Cyclic is already collaborating with other European companies, including Solvay and Vacuumschmelze. The circular economy for rare earths could gain further momentum through this potential new partnership.
Photo: 8vFanI via Canva