Republic of Estonia Ministry of Economic Affairs
and Communications
and
Neo Performance Materials
TALLINN, Estonia, Nov. 17, 2021 /CNW/ - A joint effort between the
Estonian Ministry of Economic Affairs and Communications and Neo
Performance Materials (TSX: NEO) has been launched to explore a
possible expansion of Neo's current production of advanced rare
earth element ("REE") products in Estonia, and well as to potentially launch new
manufacturing of REE-based metals, alloys, and magnetic materials
for use in electric vehicles and other green technologies.
Statements by the participants in this joint communiqué follow.
Statement of Andres Sutt,
Minister of Entreprenuership and Information Technology:
"On behalf of the Ministry of
Economic Affairs and Communications for Estonia, I would like to thank Neo Performance
Materials for considering Estonia
as its preferred location for expansion, as you are planning an
investment to expand your production capacity of value-added rare
earth products, including possibly establishing a new facility to
make rare earth metals and magnetic materials, in Ida-Viru
County.
"NPM Silmet has been a major
contributor to the Estonian economy. Future investments of Neo as
they have been introduced to us by your team would not only support
the creation of new jobs and higher value-added products and
introduce new green technologies in Estonia but also facilitate a stronger and
more autonomous rare earths and magnets value chain in the EU. We
are also pleased with Neo's plans to incorporate material recycling
and other environmentally beneficial processes in a new RE magnet
manufacturing plant that it considers building, as this will help
reduce life-cycle emissions and support a more circular economy in
the EU. All of this is well aligned with EU's and our national
strategic perspective and objectives.
"We therefore hope that
Estonia will serve as an
appropriate location for any RE magnet production facility that you
are currently considering, which can significantly strengthen
Estonia's and the EU's ability to
provide the strategic materials needed for greater production in
Europe of electric vehicles,
renewable energy, and other green technologies, such as high
efficiency motors. To support the delivery of the project, our
Ministry together with the Estonian Investment Agency is promoting
discussions across governmental organisations and at the EU level
as well as raising awareness about available support
mechanisms."
Statement by Constantine
Karayannopoulos, Chief Executive Officer and Director of Neo
Performance Materials:
"I want to express my sincere
gratitude to Minister Sutt and to the Estonian Government for its
willingness to partner with Neo as we examine the potential to
expand our existing rare earth separations capacities and possibly
establish manufacturing capabilities to produce rare earth metals,
alloys, and magnetic materials. Such an expansion would
involve significant new investment by Neo in Estonia, and the economics of such an
expansion are challenging in today's market environment. But
Neo very much looks forward to exploring potential partnerships
with Estonia and European Union
institutions that can help make any such expansion a reality.
"On behalf of the several hundred
employees we have in Sillamäe, let me express my sincere gratitude
for the support that Estonia has
provided to our operations in Estonia. Neo very much looks
forward to continuing to contribute to Estonia's and Europe's job creation, decarbonization, and
circular economy goals."
ABOUT NEO PERFORMANCE MATERIALS
Neo manufactures the building blocks of many modern technologies
that enhance efficiency and sustainability. Neo's advanced
industrial materials -- magnetic powders and magnets, specialty
chemicals, metals, and alloys -- are critical to the performance of
many everyday products and emerging technologies. Neo's products
help to deliver the technologies of tomorrow to consumers today.
The business of Neo is organized along three segments: Magnequench,
Chemicals & Oxides and Rare Metals. Neo is headquartered in
Toronto, Ontario, Canada; with
corporate offices in Greenwood Village,
Colorado, US; Singapore;
and Beijing, China. Neo operates
globally with sales and production across 10 countries, being
Japan, China, Thailand, Estonia, Singapore, Germany, United
Kingdom, Canada,
United States, and South Korea. For more information, please
visit www.neomaterials.com.
CAUTIONARY STATEMENTS REGARDING FORWARD LOOKING
STATEMENTS
This communique contains "forward-looking information" within
the meaning of applicable securities laws in Canada. Forward-looking information may relate
to future events or future performance of Neo. All statements
in this release, other than statements of historical facts, with
respect to Neo's objectives and goals, as well as statements with
respect to its beliefs, plans, objectives, expectations,
anticipations, estimates, and intentions, are forward-looking
information. Specific forward-looking statements in this discussion
include, but are not limited to, the following: expectations
regarding Neo's participation in the UN Global Company, its ability
to successfully implement the PRI principles, and its commitment to
make timely reports on its progress toward achieving these
principles. Often, but not always, forward-looking information can
be identified by the use of words such as "plans", "expects", "is
expected", "budget", "scheduled", "estimates", "continues",
"forecasts", "projects", "predicts", "intends", "anticipates" or
"believes", or variations of, or the negatives of, such words and
phrases, or state that certain actions, events or results "may",
"could", "would", "should", "might" or "will" be taken, occur or be
achieved. This information involves known and unknown risks,
uncertainties and other factors that may cause actual results or
events to differ materially from those anticipated in such
forward-looking information. Neo believes the expectations
reflected in such forward-looking information are reasonable, but
no assurance can be given that these expectations will prove to be
correct and such forward-looking information included in this
discussion and analysis should not be unduly relied upon. For more
information on Neo, investors should review Neo's continuous
disclosure filings that are available under Neo's profile at
www.sedar.com.
SOURCE Neo Performance Materials, Inc.