Such an integrated supply chain for sintered rare earth permanent magnets does not exist in Europe at present. In Sillamäe, Neo takes in rare earth feedstock from a variety of sources around the world – including the United States – and produces the high-purity magnetic rare earth oxides that will be converted in Magnequench’s new plant into sintered neodymium-iron-boron magnets. Neo Magnequench officials recently broke ground on the facility in Narva, Estonia, which is strategically located near Neo Performance Material’s existing rare earth separations plant in Sillamäe, Estonia. (“ Neo” or the “ Company“) (TSX: NEO), has launched construction of the first rare earth magnet manufacturing facility in Europe designed to produce specialized rare earth permanent magnets for use in electric vehicles, wind turbines, and other clean energy technologies. J( Source) – Neo Magnequench, a division of Neo Performance Materials Inc.
Neo’s expected Phase 2 production of 5,000 tonnes/year can support the manufacturing of ~4.5 million electric cars
Phase 1 production of 2,000 tonnes/year is slated to begin in 2025, an amount that can support the manufacturing of ~1.5 million electric cars. Plant will support circular economics by recycling end-of-life magnets and recovering magnet ‘swarf’ created in the manufacturing process
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