Greenland Mines to buy Neo Performance's Greenland rare earth project for $35 million

NeoGenomics, Inc.
Greenland Mines Ltd.

NeoGenomics, Inc.

NEO

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Greenland Mines Ltd.

GRML

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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.


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