Greenland Mines to buy Neo Performance's Greenland rare earth project for $35 million

Greenland Mines

21/05/2026 14:30

By Divya Rajagopal

TORONTO, May 21 (Reuters) - Nasdaq-listed Greenland Mines on Thursday said that it will acquire Canadian miner Neo Performance's underdeveloped neodymium (Nd) and praseodymium (Pr) mine in Greenland for $35 million in a cash and stock deal.

The acquisition needs approval from the Greenland government.

Greenland Mines will pay $20 million in cash to Neo and $15 million in common stock of Greenland Mines.

 Neo Performance will have an offtake agreement to process up to 60% of future ore or mineral concentrate production.

Greenland Mines is planning to build the project complementary to its other rare earth project in the region and create a North Atlantic Critical Minerals Corridor, Bo Møller Stensgaard, President, Greenland Mines, told Reuters on Thursday.

 (Divya Rajagopal in Toronto
Editing by Tomasz Janowski)

 ((divya.rajagopal@thomsonreuters.com,  Phone- +16472628751))