Neo Performance Materials has launched Europe's first large-scale rare-earth magnets facility in Estonia, aiming to reduce reliance on Chinese supply chains, reported London's Financial Times.
The Canadian company began production at its US$75 million plant recently and has already secured initial contracts with German automotive suppliers Schaeffler and Bosch.
European manufacturers have faced disruptions since China imposed export controls on key minerals in April, a move widely seen as retaliation for tariffs introduced by the US.
Despite assurances from Beijing, companies continue to report delays in securing export licences for rare-earth materials.
neo chief executive Rahim Suleman said demand for rare-earth magnets was 'incredibly large' and forecast a three-fold increase over the next decade.
SeaNews Turkey
The Canadian company began production at its US$75 million plant recently and has already secured initial contracts with German automotive suppliers Schaeffler and Bosch.
European manufacturers have faced disruptions since China imposed export controls on key minerals in April, a move widely seen as retaliation for tariffs introduced by the US.
Despite assurances from Beijing, companies continue to report delays in securing export licences for rare-earth materials.
neo chief executive Rahim Suleman said demand for rare-earth magnets was 'incredibly large' and forecast a three-fold increase over the next decade.
SeaNews Turkey
