HOUSTON, March 2 (Argus) - Neo Performance Materials, headquartered in Canada, announced today a recycling agreement with Cyclic Materials.
Neo stated that the agreement supports its European production base and aligns with the goals of the EU's Critical Raw Materials Act, which aims to enhance the processing and recycling capabilities of rare earth magnets.
Cyclic, headquartered in Canada, recycles rare earth elements from magnet production waste and scrapped magnet bearing materials. Neo will use the recycled rare earth elements to manufacture alloys and magnets.
Neo intends to provide its European business's magnet production waste to Cyclic for recycling into mixed rare earth oxides. Cyclic will provide Neo with mixed rare earth oxides and related products recovered from scrapped magnets and third-party magnet manufacturing waste.
Neo operates a 2,000-ton/year magnet production facility in Estonia and plans to expand it to 5,000 tons/year.
Cyclic is establishing a rare earth recycling park in South Carolina with an initial magnet processing capacity of 2,000 tons/year and a mixed rare earth oxide production capacity of 600 tons/year. Expansion plans are 6,000 tons/year and 1,800 tons/year.
Cyclic has reached an agreement with the German global magnetic solution manufacturer Vacuumschmelze to recycle the waste from the latter's magnet factory in Sumter, South Carolina.
