Neo falls on deal to buy Hudson Resources' rare earth project

AnorTech

22/08/2022 18:37

** Shares of industrial materials maker Neo Performance
Materials Inc  NEO.TO  down 1.7% at C$13.57
    ** Neo to buy Sarfartoq, a rare earth mining project in
Greenland, owned by Hudson Resources  HUD.V  for $3.5 mln
 urn:newsml:reuters.com:*:nL8N2ZV3P6
    ** Plans to develop the mine to supply its rare earth
business, including a rare earth separation plant in Estonia,
which it plans to expand into a European hub to produce rare
earth alloys and magnet
    ** If the mine is sold or listed within five years, Hudson
would get 5% of any proceeds or equity
    ** NEO down 33% so far this year 

 (Reporting by Arunima Kumar in Bengaluru)
 ((Arunima.Kumar@thomsonreuters.com; Twitter: https://twitter.com/Aru_Kumar94))