# Neo Performance Materials to acquire exploration license for Sarfartoq rare earth project from Hudson Resources

Hudson Resources Inc. and Neo Performance Materials Inc. announced a binding agreement for Neo to acquire an exploration license covering the Sarfartoq Carbonatite Complex in southwest Greenland. The project hosts neodymium and praseodymium deposits for rare earth permanent magnets.

- Type: Acquisition
- Announced: 2022-08-22
- Where: Sarfartoq, southwest Greenland, Greenland
- Status: announced
- Products: rare earth elements (neodymium, praseodymium)
- Sectors: [Mining Equipment](https://endata.com/sectors/mining-equipment.md)

## Companies

- [Neo Performance Materials Inc.](https://endata.com/companies/34625.md) (acquirer)
- [Hudson Resources](https://endata.com/companies/64848.md) (target)

## Sources

- [globenewswire.com](https://www.globenewswire.com/news-release/2022/08/22/2502052/0/en/Hudson-Resources-and-Neo-Performance-Materials-Sign-Agreement-on-the-Sarfartoq-Rare-Earth-Element-Project-in-Greenland.html), 2022-08-22: "The Project hosts a mineral deposit that is enriched in neodymium and praseodymium, two essential elements for rare earth permanent magnets used in electric vehicles, wind turbines, and high-efficiency electric motors and pumps."

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.