SniperFx

Archives

  • March 2023
  • February 2023
  • January 2023
  • September 2022
  • August 2022
  • January 2022
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019

Categories

  • Analysis
  • Bonds
  • COVID
  • Crypto
  • Forex
  • Forex Trading
  • Ideas
  • Investing
  • Stocks
  • Uncategorized
  • World
  • Home
  • Forex
  • Crypto
  • Contact
0 Likes
0 Followers
0 Followers
Subscribe
SniperFx
SniperFx
  • Bonds
  • Crypto
  • COVID
  • Forex
    • Forex Trading
  • Ideas
  • Investing
  • Stocks
  • World

Neo agrees to buy Greenland rare earth project from Hudson Resources

  • admin
  • August 22, 2022
  • 2 minute read
Total
0
Shares
0
0
0

Neo Performance Materials has agreed to buy a rare earth mining project in Greenland owned by Hudson (NYSE:HUD) Resources to supply its growing needs for the minerals to produce permanent magnets, the two Canadian-listed firms said on Monday.

The European Union wants to develop domestic output of rare earth magnets – key for both electric vehicles and wind turbines – to help meet targets for cutting carbon emissions and to reduce reliance on China.

Neo will buy the Sarfartoq project for a total of $3.5 million, contingent on the Greenland government approving the transfer of the licence for the project, the companies said in a statement.

Last year, the Greenland government banned uranium mining, effectively halting development of the Kuannersuit rare earth project owned by Greenland Minerals.

The Sarfartoq project does not contain elevated levels of uranium, but has high levels of neodymium and praseodymium, two essential elements for rare earth permanent magnets, Hudson has said.

Neo 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 magnets.

“Once in production, this project will significantly increase the diversity of global rare earth supply for our processing facilities around the world,” said Neo Chief Executive Constantine Karayannopoulos.

China is the world’s dominant producer of rare earths, accounting for about 90 percent of global supplies.

Under the agreement, Neo will initially pay Hudson $250,000 and upon Greenland government approval, will pay an additional $3.25 million for the project, which will be placed into a special purpose entity.

If the mine is sold or listed within five years, Hudson would get 5% of any proceeds or equity.

Total
0
Shares
Share 0
Tweet 0
Pin it 0
admin

Previous Article

Marketmind: Yuan, euro and pound head down the Hole

  • admin
  • August 22, 2022
View Post
Next Article

Kenya’s Odinga challenges presidential poll result in Supreme Court

  • admin
  • August 22, 2022
View Post
You May Also Like
View Post
  • World

Trump warns of ‘death & destruction’ if charged with a crime

  • admin
  • March 25, 2023
View Post
  • World

End to Taiwan ties nears as Honduras foreign minister goes to China

  • admin
  • March 23, 2023
View Post
  • World

Sterling to suffer notably if the BoE stands pat – Commerzbank

  • admin
  • March 22, 2023
View Post
  • World

Taiwan president to visit US but no word on House Speaker meeting

  • admin
  • March 21, 2023
View Post
  • World

Thailand dissolves parliament for election

  • admin
  • March 20, 2023
View Post
  • World

Turkey’s Erdogan endorses Finland’s NATO bid, but Sweden must wait

  • admin
  • March 18, 2023
View Post
  • World

Blinken brings U.S. aid to Sahel for fight against Islamist insurgencies

  • admin
  • March 17, 2023
View Post
  • World

Netanyahu visits Berlin for talks as crisis festers back home

  • admin
  • March 16, 2023

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts

  • Trump warns of ‘death & destruction’ if charged with a crime
  • Britain’s John Lewis has lost its soul, says Mary Portas
  • Dan Gambardello: ADA Could Spike as Cardano Hits 4M Wallets
  • USDCAD Potential downsides
  • AUDUSD drops to over one-week low, below mid-0.6600s amid broad-based USD strength

Recent Comments

No comments to show.
Featured Posts
  • 1
    Trump warns of ‘death & destruction’ if charged with a crime
    • March 25, 2023
  • 2
    Britain’s John Lewis has lost its soul, says Mary Portas
    • March 25, 2023
  • 3
    Dan Gambardello: ADA Could Spike as Cardano Hits 4M Wallets
    • March 25, 2023
  • 4
    USDCAD Potential downsides
    • March 25, 2023
  • 5
    AUDUSD drops to over one-week low, below mid-0.6600s amid broad-based USD strength
    • March 25, 2023
Recent Posts
  • EURUSD Seen at 1.05 in three months – Rabobank
    • March 25, 2023
  • NFT investor accidentally burns $135K CryptoPunk trying to borrow money
    • March 25, 2023
  • N.B. to end COVID-19 PCR testing for most people April 1, memo reveals
    • March 25, 2023
Categories
  • Analysis (8)
  • Bonds (47)
  • COVID (73)
  • Crypto (65)
  • Forex (81)
  • Forex Trading (46)
  • Ideas (46)
  • Investing (46)
  • Stocks (89)
  • Uncategorized (40)
  • World (195)
SniperFx
  • Home
  • Forex
  • Crypto
  • Contact
Forex & Crypto Updates

Input your search keywords and press Enter.