Neo Performance Materials has reported figures for the first quarter of 2023. The Canadian company, which specializes in the production of metal alloys and rare earth magnets, reported an operating loss of $4 million from January through March. However, the company reports positive developments in the expansion of its rare earth sector.

Tens of thousands of tons of lithium, nickel and cobalt to be recycled in Sardinia.

Joint development of a rare earth processing plant from mineral sands planned.

The Southeast Asian country has the second-largest reserves of the raw materials following China and could play an important role in diversifying supply chains.

Agreement signed with Vietnam Rare Earth Company. Further processing is to take place in South Korea.