Toronto-based Neo Performance Materials is expanding magnet operations in Europe and exploring heavy rare earth elements (REEs) separation, having sold its Chinese separation assets.
Neo expects the permanent magnet facility in Narva, Estonia to complete construction on time and on budget and start commercial production in 2026, the company said Thursday in a strategy update.
Neo began engineering and design for a pilot heavy rare earth separation line in Europe, building on light rare earth production, with plans to expand capacity in Europe and the US.
The company completed sales of its Chinese separation facilities to reduce price risk and boost capital. It sold 86pc equity interest in Jiangyin Jiahua and 100pc equity in Zibo Jiahua to Shenghe, for $29.7mn in cash.
Neo also exited its gallium trichloride business in Quapaw and shut hydrometallurgy operations in niobium and tantalum.
