CA - Neo Performance Materials to buy Greenland rare earth project from Hudson

Neo Performance Materials ( OTCPK:NOPMF ) said on Monday it agreed to acquire a rare earth mining project in Greenland owned by Hudson Resources ( OTCPK:HUDRF ) to help supply the minerals needed to produce permanent magnets.

Neo Performance ( OTCPK:NOPMF ) will buy the Sarfartoq project for $3.5M, contingent on Greenland's government approving the transfer of the license for the project - not a sure thing, the government last year banned uranium mining, effectively halting development of the Kuannersuit rare earth project owned by Greenland Minerals.

Hudson ( OTCPK:HUDRF ) said 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.

The U.S. is highly dependent on rare earths for its military capabilities including lasers and guidance systems .

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