Latest news with #RahimSuleman
Cision Canada
09-07-2025
- Automotive
- Cision Canada
Neo Wins Another Traction Motor Award with an Additional Tier 1 and OEM Customer in Europe
TORONTO, July 9, 2025 /CNW/ - Neo Performance Materials Inc. (" Neo" or the " Company") (TSX: NEO) (OTCQX: NOPMF) today announced that it has been awarded the supply contract for a new platform of permanent rare earth magnets with a prominent European Tier 1 supplier of electric vehicle (" EV") traction motors to a major OEM. Both the Tier 1 and OEM represent new additions to Neo's growing customer base. This new commercial partnership further strengthens Neo's reputation as a preferred supplier to multiple automotive clients. These magnets will be supplied by Neo's new rare earth magnet facility in Narva, Estonia, which is already producing and shipping qualification samples to meet contract obligations of automotive platforms it has been awarded. The project award is estimated to be approximately $50 million in cumulative revenues over the life of the project at current rare earth market prices, based on customer projections. Commercial delivery of the magnets is anticipated to begin in mid-2026 for this award. Neo's new European facility is the first sintered magnet plant to come online outside Asia, with an explicit focus on European and North American Electric Vehicle, Industrial Power Tooling, and Offshore Wind customers. The facility has already been awarded multiple traction motor magnets – widely regarded as the most technically demanding product category for sintered magnets for its high requirements in power and heat management. The facility has also expanded its product categories to non-traction-motor applications as demand for local supply chains has increased. Co-funded by the European Union's Just Transition Fund, this facility is projected to produce 2,000 t/year in phase 1, with plans to scale to over 5,000 t/year in Phase 2. The official opening ceremony for this plant will be held in September of this year, the details of which will follow in the coming weeks. Rahim Suleman, President and CEO said: "We welcome yet another commercial recognition from a new customer. What the team has accomplished in this new European rare earth permanent magnet facility is remarkable. The Neo team successfully built this magnet plant in just 500 days and is responding to growing demand from automotive customers with a sense of urgency, while staying grounded in our principles of responsible ramp-up curves for new plants. We are here for our customers, and we are proud that they are recognizing us in return." Through its bonded magnetic materials business, Neo has been a designer, manufacturer and supplier of rare earth magnetic products for EV and PHEV traction motors for years – a highlight being the design of the first commercialized and supplied heavy-rare-earth-free magnetic powder in current NEV motors. Neo has been supplying rare earth magnetic products to the automotive and industrial motor industries for over three decades. About Neo Performance Materials Neo manufactures the building blocks of many modern technologies that enhance efficiency and sustainability. Neo's advanced industrial materials – magnetic powders, rare earth magnets, magnetic assemblies, specialty chemicals, metals, and alloys – are critical to the performance of many everyday products and emerging technologies. Neo's products fast-forward technologies for the net-zero transition. The business of Neo is organized along three segments: Magnequench, Chemicals & Oxides and Rare Metals. Neo is headquartered in Toronto, Ontario, Canada; with corporate offices in Greenwood Village, Colorado, United States; Singapore; and Beijing, China. Neo has a global platform that includes manufacturing facilities located in China, Germany, Canada, Estonia, Thailand and the United Kingdom, as well as a dedicated research and development center in Singapore. For more information, please visit Cautionary Statements Regarding Forward Looking Statements This news release may contain "forward-looking information" within the meaning of applicable Canadian securities legislation. Generally, but not always, forward-looking information and statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof. Specific forward-looking statements in this news release include, but are not limited to, launch of the new project award, operational expectations resulting from the project award, revenue expectations and other matters relating thereto. In making the forward-looking information in this news release, the Company has applied certain factors and assumptions that are based on its current beliefs as well as assumptions made by and information currently available to the Company. Although the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking information in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking information. There are many risk factors associated with the launch and operations of the new project platform. A number of factors could cause actual results to differ materially from those anticipated by the Company, including but not limited to the risks and uncertainties inherent in the nature of operations including the risks of a material adverse change in the Company's assets or revenues, or risks of unknown liabilities that may arise. Readers are cautioned not to place undue reliance on forward-looking information. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by law. For more information on Neo, investors should review Neo's continuous disclosure filings that are available under Neo's profile at
New Straits Times
02-07-2025
- Automotive
- New Straits Times
Rare earth magnet users jolted into paying premium prices for ex-China supply
FOR years, Rahim Suleman had reached out repeatedly to carmakers and other potential clients to market the rare earth magnets from the plant his company was building in Estonia, one of just a handful outside dominant producer China. But after April 4, when Beijing imposed new restrictions on the super-strong magnets used in electric vehicles (EVs) and wind turbines, Suleman retired his sales pitch. He didn't need it any more. Ever since China's export controls tightened some rare earth exports to a trickle in the midst of a trade war with the United States, causing chaos in supply chains and some auto plant shutdowns, "the phone is ringing off the hook", said Suleman. Companies starting new plants in Europe, the US and Asia had previously reported difficult talks on deals that embedded the higher costs to make magnets outside China, which benefits from cheaper labour costs and economies of scale as well as government support via tax refunds. But the crisis has led many customers to soften or drop objections about paying those premiums as they scramble to hammer out deals, according to a dozen industry participants, including carmakers, magnet makers, rare earth producers, consultants and government officials interviewed by Reuters. While rare earths magnets from China are flowing again, customers remain on edge about the threat of future shortages. Suleman's company, Neo Performance Materials, launched output of permanent magnets at its Estonia plant in May. Now, he said, "everybody wants to talk about how (they can) satisfy their demand out of our facility". He said he had no worries about lining up enough customers who would pay a premium — US$10 to US$30 per kg, with EVs typically holding 2kg to 4kg of magnets per vehicle — over the price they usually pay for Chinese magnets. Output at Neo's factory in Estonia is starting small, providing samples to its first customer, which Suleman declined to identify. German auto parts supplier Schaeffler said it was a customer of the plant, but declined to comment on how much it is paying. In South Korea, customers of NovaTech, which produced magnets in China, were prepared to pay 15 to 20 per cent more for magnets made in Vietnam, said a company source, adding that there was "a growing sense of crisis among customers". The company, which sells China-made magnets used in Samsung's phones and tablets, is investing at least 10 billion won in a plant in Vietnam launching early next year to make magnets using locally processed rare earths from a partner, said the person and another company official. Britain's Less Common Metals (LCM), one of the few firms outside China involved in a key step of rare earths processing — making rare earth metals and alloys — says it is battling to cope with new enquiries. "Now, post-April 4, it's like someone stuck a cattle prod into the whole industry," said Grant Smith, its chairman. He said LCM had held discussions with numerous companies that used magnets as they sought alternative supply sources, though he declined to name them. Despite the new willingness to pay a premium, it would take many years or even decades to build up production outside of China, which accounted for 90 per cent of global permanent magnet supply, said industry participants. And the question of how much more should be paid for rare earths and magnets outside of China is a tricky one. Too high a premium for mined rare earths could see consumers cutting down their use, while premiums that are too low would not be enough to allow construction of ex-China projects, say analysts and consultants. Carmakers are willing to pay more to guarantee ex-China supplies, but they are also in the midst of an EV price war that has left them with thin margins. One executive at a rare earths company said the firm had held discussions with carmakers that were prepared to pay US$80 per kg for neodymium-praseodymium oxide, a rare earth needed for magnets used in motors and generators — a figure Reuters has not independently verified. That is already a significant — near 30 per cent — premium over the Chinese price of US$62 based on data from price reporting agency Fastmarkets.
Time of India
01-07-2025
- Automotive
- Time of India
Rare earth magnet users jolted into paying premium prices for ex-China supply
For years, Rahim Suleman had reached out repeatedly to automakers and other potential clients to market the rare earth magnets from the plant his company was building in Estonia, one of just a handful outside dominant producer China . But after April 4, when Beijing imposed new restrictions on the super-strong magnets used in electric vehicles and wind turbines, Suleman retired his sales pitch. He didn't need it any more. Ever since China's export controls tightened some rare earth exports to a trickle in the midst of a trade war with the U.S., causing chaos in supply chains and some auto plant shutdowns, "the phone is ringing off the hook", said Suleman. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 'Ich hätte nie gedacht, wie viel da rauskommt' – Der Ohrenreiniger ist zurück! Apotheke Regional Undo Companies starting new plants in Europe, the U.S. and Asia had previously reported difficult talks on deals that embedded the higher costs to make magnets outside China, which benefits from cheaper labour costs and economies of scale as well as government support via tax refunds. But the crisis has led many customers to soften or drop objections about paying those premiums as they scramble to hammer out deals, according to a dozen industry participants including automakers, magnet makers, rare earth producers, consultants and government officials interviewed by Reuters. Live Events While rare earths magnets from China are beginning to flow again, customers remain on edge about the threat of future shortages. Suleman's company, Neo Performance Materials , launched output of permanent magnets at its Estonia plant in May. Now, he said, "everybody wants to talk about how (they can) satisfy their demand out of our facility". He said he has no worries about lining up enough customers who will pay a premium - $10 to $30 per kg, with EVs typically holding 2-4 kg of magnets per vehicle - over the price they usually pay for Chinese magnets. Output at Neo's factory in Estonia is starting small, providing samples to its first customer, which Suleman declined to identify. German auto parts supplier Schaeffler told Reuters it is a customer of the plant, but declined to comment on how much it is paying. In Korea, customers of NovaTech , which produces magnets in China, are prepared to pay 15% to 20% more for magnets made in Vietnam, a company source told Reuters, adding there was "a growing sense of crisis among customers". The company, which sells China-made magnets used in Samsung 's phones and tablets, is investing at least 10 billion won ($7.39 million) in a plant in Vietnam launching early next year to make magnets using locally processed rare earths from a partner, the person and another company official told Reuters. Britain's Less Common Metals, one of the few firms outside China involved in a key step of rare earths processing - making rare earth metals and alloys - says it is battling to cope with new enquiries. "Now, post-April 4, it's like someone stuck a cattle prod into the whole industry," said Grant Smith, its majority owner and chairman. He said LCM has held discussions with numerous companies that use magnets as they seek alternative supply sources, though he declined to name them. The firm now has plans to expand into France and other countries. A FINE BALANCE Despite the new willingness to pay a premium, it will take many years or even decades to build up production outside of China, which accounts for 90% of global permanent magnet supply, industry participants said. And the question of how much more should be paid for rare earths and magnets outside of China is a tricky one. Too high a premium for mined rare earths could see consumers cutting down their use, while premiums that are too low would not be enough to allow for construction of ex-China projects, analysts and consultants say. Automakers are willing to pay more to guarantee ex-China supplies, but they are also in the midst of an EV price war that has left them with razor-thin margins, and will still be queasy at what they regard as excessive premiums, according to industry participants. One executive at a rare earths company said their firm has held discussions with automakers that are prepared to pay $80 per kg for neodymium-praseodymium oxide (NdPr), a rare earth needed for magnets used in motors and generators - a figure Reuters has not independently verified. That is already a significant - near 30% - premium over the Chinese price of $62 based on data from price reporting agency Fastmarkets. "The purchasing departments have it in their DNA to save each cent or fraction of a cent, but things are changing," said the executive, who declined to be identified because he is not authorised to speak to the media. "They're realising they're losing more by having to close a plant for a month than paying a premium to guarantee supplies." Critical minerals consultancy Project Blue says that for NdPr, a price of $75 to $105 per kg is needed to support enough production to meet demand. Australia's Barrenjoey goes further, saying NdPr prices need to be $120 to $180 per kg to fund a substantial wave of production that would encompass around 20 global mining projects. One executive at a European automaker said his industry could not afford to pay excessive premiums. His company has agreed deals for other critical minerals at a 5% to 10% premium, based on certification they are produced sustainably, he said. His company sold cars globally, he said, and could not make a profit if it had to pay a high premium for all the raw materials produced outside of China. Some automakers, such as BMW , have developed EVs that do not use rare earths, while others have reduced the amount of rare earths in their vehicles. However, getting rid of rare earths is not feasible in the medium term, analysts say. Neo's Suleman said everyone in the industry had to work together to create a supply of rare earths outside China. "I don't think that we're looking at this and saying the floodgates are open, let's just charge whatever we want, we need to be responsible," he said. "Customers understand there is a premium that is required, but if that premium gets too big, we're looking at demand destruction."
Yahoo
01-07-2025
- Automotive
- Yahoo
Rare earth magnet users jolted into paying premium prices for ex-China supply
By Eric Onstad and Hyunjoo Jin LONDON/SEOUL (Reuters) -For years, Rahim Suleman had reached out repeatedly to automakers and other potential clients to market the rare earth magnets from the plant his company was building in Estonia, one of just a handful outside dominant producer China. But after April 4, when Beijing imposed new restrictions on the super-strong magnets used in electric vehicles and wind turbines, Suleman retired his sales pitch. He didn't need it any more. Ever since China's export controls tightened some rare earth exports to a trickle in the midst of a trade war with the U.S., causing chaos in supply chains and some auto plant shutdowns, "the phone is ringing off the hook", said Suleman. Companies starting new plants in Europe, the U.S. and Asia had previously reported difficult talks on deals that embedded the higher costs to make magnets outside China, which benefits from cheaper labour costs and economies of scale as well as government support via tax refunds. But the crisis has led many customers to soften or drop objections about paying those premiums as they scramble to hammer out deals, according to a dozen industry participants including automakers, magnet makers, rare earth producers, consultants and government officials interviewed by Reuters. While rare earths magnets from China are beginning to flow again, customers remain on edge about the threat of future shortages. Suleman's company, Neo Performance Materials, launched output of permanent magnets at its Estonia plant in May. Now, he said, "everybody wants to talk about how (they can) satisfy their demand out of our facility". He said he has no worries about lining up enough customers who will pay a premium - $10 to $30 per kg, with EVs typically holding 2-4 kg of magnets per vehicle - over the price they usually pay for Chinese magnets. Output at Neo's factory in Estonia is starting small, providing samples to its first customer, which Suleman declined to identify. German auto parts supplier Schaeffler told Reuters it is a customer of the plant, but declined to comment on how much it is paying. In Korea, customers of NovaTech, which produces magnets in China, are prepared to pay 15% to 20% more for magnets made in Vietnam, a company source told Reuters, adding there was "a growing sense of crisis among customers". The company, which sells China-made magnets used in Samsung's phones and tablets, is investing at least 10 billion won ($7.39 million) in a plant in Vietnam launching early next year to make magnets using locally processed rare earths from a partner, the person and another company official told Reuters. Britain's Less Common Metals, one of the few firms outside China involved in a key step of rare earths processing - making rare earth metals and alloys - says it is battling to cope with new enquiries. "Now, post-April 4, it's like someone stuck a cattle prod into the whole industry," said Grant Smith, its majority owner and chairman. He said LCM has held discussions with numerous companies that use magnets as they seek alternative supply sources, though he declined to name them. The firm now has plans to expand into France and other countries. A FINE BALANCE Despite the new willingness to pay a premium, it will take many years or even decades to build up production outside of China, which accounts for 90% of global permanent magnet supply, industry participants said. And the question of how much more should be paid for rare earths and magnets outside of China is a tricky one. Too high a premium for mined rare earths could see consumers cutting down their use, while premiums that are too low would not be enough to allow for construction of ex-China projects, analysts and consultants say. Automakers are willing to pay more to guarantee ex-China supplies, but they are also in the midst of an EV price war that has left them with razor-thin margins, and will still be queasy at what they regard as excessive premiums, according to industry participants. One executive at a rare earths company said their firm has held discussions with automakers that are prepared to pay $80 per kg for neodymium-praseodymium oxide (NdPr), a rare earth needed for magnets used in motors and generators - a figure Reuters has not independently verified. That is already a significant - near 30% - premium over the Chinese price of $62 based on data from price reporting agency Fastmarkets. "The purchasing departments have it in their DNA to save each cent or fraction of a cent, but things are changing," said the executive, who declined to be identified because he is not authorised to speak to the media. "They're realising they're losing more by having to close a plant for a month than paying a premium to guarantee supplies.' Critical minerals consultancy Project Blue says that for NdPr, a price of $75 to $105 per kg is needed to support enough production to meet demand. Australia's Barrenjoey goes further, saying NdPr prices need to be $120 to $180 per kg to fund a substantial wave of production that would encompass around 20 global mining projects. One executive at a European automaker said his industry could not afford to pay excessive premiums. His company has agreed deals for other critical minerals at a 5% to 10% premium, based on certification they are produced sustainably, he said. His company sold cars globally, he said, and could not make a profit if it had to pay a high premium for all the raw materials produced outside of China. Some automakers, such as BMW, have developed EVs that do not use rare earths, while others have reduced the amount of rare earths in their vehicles. However, getting rid of rare earths is not feasible in the medium term, analysts say. Neo's Suleman said everyone in the industry had to work together to create a supply of rare earths outside China. "I don't think that we're looking at this and saying the floodgates are open, let's just charge whatever we want, we need to be responsible," he said. "Customers understand there is a premium that is required, but if that premium gets too big, we're looking at demand destruction." ($1 = 1,353.6800 won) (Additional reporting by Melanie Burton in Melbourne; Editing by Veronica Brown and Jan Harvey) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
01-07-2025
- Automotive
- Yahoo
Rare earth magnet users jolted into paying premium prices for ex-China supply
By Eric Onstad and Hyunjoo Jin LONDON/SEOUL (Reuters) -For years, Rahim Suleman had reached out repeatedly to automakers and other potential clients to market the rare earth magnets from the plant his company was building in Estonia, one of just a handful outside dominant producer China. But after April 4, when Beijing imposed new restrictions on the super-strong magnets used in electric vehicles and wind turbines, Suleman retired his sales pitch. He didn't need it any more. Ever since China's export controls tightened some rare earth exports to a trickle in the midst of a trade war with the U.S., causing chaos in supply chains and some auto plant shutdowns, "the phone is ringing off the hook", said Suleman. Companies starting new plants in Europe, the U.S. and Asia had previously reported difficult talks on deals that embedded the higher costs to make magnets outside China, which benefits from cheaper labour costs and economies of scale as well as government support via tax refunds. But the crisis has led many customers to soften or drop objections about paying those premiums as they scramble to hammer out deals, according to a dozen industry participants including automakers, magnet makers, rare earth producers, consultants and government officials interviewed by Reuters. While rare earths magnets from China are beginning to flow again, customers remain on edge about the threat of future shortages. Suleman's company, Neo Performance Materials, launched output of permanent magnets at its Estonia plant in May. Now, he said, "everybody wants to talk about how (they can) satisfy their demand out of our facility". He said he has no worries about lining up enough customers who will pay a premium - $10 to $30 per kg, with EVs typically holding 2-4 kg of magnets per vehicle - over the price they usually pay for Chinese magnets. Output at Neo's factory in Estonia is starting small, providing samples to its first customer, which Suleman declined to identify. German auto parts supplier Schaeffler told Reuters it is a customer of the plant, but declined to comment on how much it is paying. In Korea, customers of NovaTech, which produces magnets in China, are prepared to pay 15% to 20% more for magnets made in Vietnam, a company source told Reuters, adding there was "a growing sense of crisis among customers". The company, which sells China-made magnets used in Samsung's phones and tablets, is investing at least 10 billion won ($7.39 million) in a plant in Vietnam launching early next year to make magnets using locally processed rare earths from a partner, the person and another company official told Reuters. Britain's Less Common Metals, one of the few firms outside China involved in a key step of rare earths processing - making rare earth metals and alloys - says it is battling to cope with new enquiries. "Now, post-April 4, it's like someone stuck a cattle prod into the whole industry," said Grant Smith, its majority owner and chairman. He said LCM has held discussions with numerous companies that use magnets as they seek alternative supply sources, though he declined to name them. The firm now has plans to expand into France and other countries. A FINE BALANCE Despite the new willingness to pay a premium, it will take many years or even decades to build up production outside of China, which accounts for 90% of global permanent magnet supply, industry participants said. And the question of how much more should be paid for rare earths and magnets outside of China is a tricky one. Too high a premium for mined rare earths could see consumers cutting down their use, while premiums that are too low would not be enough to allow for construction of ex-China projects, analysts and consultants say. Automakers are willing to pay more to guarantee ex-China supplies, but they are also in the midst of an EV price war that has left them with razor-thin margins, and will still be queasy at what they regard as excessive premiums, according to industry participants. One executive at a rare earths company said their firm has held discussions with automakers that are prepared to pay $80 per kg for neodymium-praseodymium oxide (NdPr), a rare earth needed for magnets used in motors and generators - a figure Reuters has not independently verified. That is already a significant - near 30% - premium over the Chinese price of $62 based on data from price reporting agency Fastmarkets. "The purchasing departments have it in their DNA to save each cent or fraction of a cent, but things are changing," said the executive, who declined to be identified because he is not authorised to speak to the media. "They're realising they're losing more by having to close a plant for a month than paying a premium to guarantee supplies.' Critical minerals consultancy Project Blue says that for NdPr, a price of $75 to $105 per kg is needed to support enough production to meet demand. Australia's Barrenjoey goes further, saying NdPr prices need to be $120 to $180 per kg to fund a substantial wave of production that would encompass around 20 global mining projects. One executive at a European automaker said his industry could not afford to pay excessive premiums. His company has agreed deals for other critical minerals at a 5% to 10% premium, based on certification they are produced sustainably, he said. His company sold cars globally, he said, and could not make a profit if it had to pay a high premium for all the raw materials produced outside of China. Some automakers, such as BMW, have developed EVs that do not use rare earths, while others have reduced the amount of rare earths in their vehicles. However, getting rid of rare earths is not feasible in the medium term, analysts say. Neo's Suleman said everyone in the industry had to work together to create a supply of rare earths outside China. "I don't think that we're looking at this and saying the floodgates are open, let's just charge whatever we want, we need to be responsible," he said. "Customers understand there is a premium that is required, but if that premium gets too big, we're looking at demand destruction." ($1 = 1,353.6800 won) (Additional reporting by Melanie Burton in Melbourne; Editing by Veronica Brown and Jan Harvey) Sign in to access your portfolio
