Neo Performance begins producing heavy rare earths at Estonia plant

Mining

Apr 10

Neo Performance Materials (TSX: NEO) has produced its first batch of heavy rare earth elements following the successful commissioning of the solvent extraction line at its Silmet facility in Estonia. ...

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The facility, which opened in September, is the first to mass-produce sintered magnets in Europe, with an initial capacity to produce 2,000 tonnes per year.\n“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,” Suleman added. “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.” \nWith heavy rare earth separation commissioned, Neo said it will now focus on delivering stable product purity prior to transitioning to routine production capacity.\nShares of Neo Performance Materials fell nearly 1% and traded within a tight range of between C$22.23 and C$23.20 despite the milestone. The Toronto-based company has a market capitalization of C$944.4 million ($683.1 million).","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"productRelease","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}