Investment in mining and processing of rare earths advanced.
Neo Performance Materials has presented figures for the past fourth quarter and the full year 2022. The company, which specializes in the production of metal alloys and rare earth magnets, speaks of a record year in which progress was made in key areas despite volatile markets. Neo sees the electrification of the automotive industry as one such area. The Canadian company also intends to mine the materials required for this itself in the future, for example in Greenland. To this end, an agreement was concluded in the summer of 2022 with Hudson Resources for the exploration of the Sarfartoq rare earth deposit, which contains large amounts of neodymium and praseodymium, according to Neo.
There is also a non-binding letter of intent with Australian Rare Earths Limited to develop the Koppamurra project in western Australia, which includes dysprosium and terbium in addition to the aforementioned rare earths representatives. Further investments are also being made in the processing of these critical raw materials: The existing rare earth separation plant operated by the Group in Estonia will in future supply a factory for sintered rare earth permanent magnets with the necessary starting products. This will also be built in the Baltic country, sponsored by the government (we reported).
Photo: iStock/ismael juan
