Neo Performance Materials Inc.

Canadian company Neo Performance Materials is building a permanent magnet factory in Narva, Estonia, the first of its kind in Europe. Initial capacity is 2,000 tonnes of magnetic blocks per year, with potential expansion to over 5,000 tonnes and total investment of €250 million.

Neo Performance Materials plans to construct a magnet factory and R&D center in Narva, Estonia, with an investment of €81.25 million plus €18.75 million from Estonia's Just Transition Fund. Phase 1 will produce 2,000 tons/year of sintered rare earth permanent magnets, with manufacturing operations expected to start in 2025.

Neo Performance Materials received a grant of up to €18.7 million from the Government of Estonia under the Just Transition Fund to construct a sintered rare earth permanent magnet manufacturing facility in Ida Viru County, Estonia. Construction is expected to launch in 2023 with operations targeted for 2025.

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.

Luxfer Holdings PLC announced the signing of a definitive agreement to acquire Neo Performance Materials Inc. for US$612 million in cash and stock. The transaction was announced on September 30, 2018.