By Divya Rajagopal

TORONTO, May 21 (Reuters) - Nasdaq-listed Greenland Mines on Thursday said that it will acquire Canadian miner Neo Performance's underdeveloped neodymium (Nd) and praseodymium (Pr) mine in Greenland for $35 million in a cash and stock deal.

• The acquisition needs approval from the Greenland government.

• Greenland Mines will pay $20 million in cash to Neo and $15 million in common stock of Greenland Mines.

• Neo Performance will have an offtake agreement to process up to 60% of future ore or mineral concentrate production.

• Greenland Mines is planning to build the project complementary to its other rare earth project in the region and create a North Atlantic Critical Minerals Corridor, Bo Møller Stensgaard, President, Greenland Mines, told Reuters on Thursday.