Neo Performance Materials signed a memorandum of understanding with Rainbow Rare Earths for magnet rare earth offtake from the Phalaborwa project in South Africa.
The agreement grants Neo access to neodymium-praseodymium oxide and mixed heavy rare earth carbonate for high-performance magnet manufacturing.
Neo will provide technical expertise in rare earth separation to the project.
The partnership secures a supply source for Neo’s European operations by recovering materials from stockpiled phosphogypsum residue.
This waste-recovery approach eliminates the need for new mining activities.
The project aligns with the EU Critical Raw Materials Act’s mandate to recover critical materials from waste products.