- Neo Performance Materials (TSX:NEO) has successfully commissioned a small-scale heavy rare earth element production line at its Silmet facility in Estonia, marking the continent’s first major step towards building domestic capacity
- The company manufactures advanced industrial materials for modern technologies, including magnetic powders, rare earth magnets, magnetic assemblies, specialty chemicals, metals and alloys
- Neo Performance Materials stock has added 169.46 per cent year-over-year
Neo Performance Materials (TSX:NEO) has successfully commissioned a small-scale heavy rare earth element production line at its Silmet facility in Estonia, marking the continent’s first major step towards building domestic capacity, which rounds down to a zero per cent market share, according to the European Union’s Raw Materials Information System, with 100 per cent of imports stemming from China.
The solvent-extraction-based operation has yielded its first terbium and dysprosium solutions – key pre-cursor products in the metal-making process – from mixed rare earth carbonate feedstock and is currently focused on dialing in product purity and working up to commercial capacity.
Dysprosium and terbium are used to make permanent magnets, whose essential roles in robotics, electric-vehicle motors, wind turbines and industrial automation technology make them pillars of European security and technological prowess.
The new production line complements Neo’s permanent magnet facility, also in Estonia, which is currently undergoing customer qualifications and is on track to reach commercial production later this year.
Leadership commentary
“The successful launch of our heavy rare earth separation at Estonia represents a critical step in Neo’s strategy to build the most vertically integrated rare earth magnetics value chain in Europe,” Rahim Suleman, president and chief executive officer of Neo Performance Materials, said in Friday’s news release. “Our rare earth value chain now spans both light and heavy rare earth processing, enabling the separation and finishing of select elements into value-added, engineered end-use applications. This achievement enables Neo to provide secure, traceable and high-quality heavy rare earth materials to our European permanent magnet facility, supporting our customers’ most demanding applications.”
About Neo Performance Materials
Neo manufactures advanced industrial materials for modern technologies, including magnetic powders, rare earth magnets, magnetic assemblies, specialty chemicals, metals and alloys. The company operates manufacturing facilities in China, Germany, Canada, Estonia, Thailand and the United Kingdom, plus a research and development center in Singapore.
Neo Performance Materials stock (TSX:NEO) is up by 0.15 per cent trading at C$22.64 as of 9:59 am ET. The stock has added 169.46 per cent year-over-year.
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