Neo Performance Materials (TSE:NEO) has released an update.
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Neo Performance Materials has signed an MOU with Meteoric Resources for an annual offtake of 3,000 metric tonnes of rare earth oxide from Brazil’s Caldeira Project, aiming to bolster supply for its magnet manufacturing plant. The prospective agreement could significantly supply Neo’s European operations with critical materials for high-performance magnets used in various industries. With the construction permit expected by Q4 2025 and production starting in late 2027, this move marks an important step in diversifying rare earth sources and enhancing supply chain resilience.
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