Canada's Neo Performance starts construction of rare earth magnet plant in Estonia

Neo Performance Materials

07/07/2023 13:05

July 7 (Reuters) - Neo Performance Materials  NEO.TO 
said on Friday it has started construction of a manufacturing
facility in Europe to produce rare earth permanent magnets,
which are key for both electric vehicles and wind turbines.
    The company said the manufacturing facility in Narva will be
near its existing rare earth separation plant in Sillamäe.
    The development comes at a time when dependence on China for
key materials and technologies has become a major issue for
western countries, with some countries ramping up support to
boost domestic production of critical minerals including rare
earths.
    Rare earth permanent magnets are used in a wide variety of
technologies that increase energy efficiency and reduce carbon
dioxide emissions.
    These magnets are especially integral to the drivetrains of
the majority of electric vehicles manufactured, where they
increase the power and efficiency of the motors.

 (Reporting by Tanay Dhumal in Bengaluru)
 ((Tanay.Dhumal@thomsonreuters.com; Twitter: https://twitter.com/TanayDhumal))