Neo Performance Rare Earth Processing Plant Receives Gold Medal from EcoVadis

Neo Performance Materials Inc. announced that its European rare earth processing plant in Estonia - the only operating commercial rare earth separation and processing plant in the European Union - has been awarded a Gold Award by EcoVadis for its 2021 sustainability plan. This places Neo's Silmet plant in Estonia in the top 5% of global plants reporting their sustainability plans to EcoVadis in 2022.

The Silmet plant processes mixed rare-earth feedstocks into a variety of high-purity rare-earth specialty materials, including neodymium-praseodymium (NdPr) oxides, which Neo's Magnequench business unit uses to produce neodymium-iron-boron (NdFeB) magnetic materials and magnets for automotive, factory automation, household appliances, circulating pumps and other applications.

It also produces environmentally friendly auto catalyst materials that help reduce harmful emissions from cars and trucks, as well as high-purity niobium and tantalum metals. The rare earth processing plant operates under several ISO certifications, including ISO-9001, ISO-14001, and ISO-45001.

Jeff Hogan, executive vice president of Neo and head of the company's Chemicals and Oxides division, said, "I am extremely pleased and proud that our entire Estonian team has received the Gold Award from EcoVadis for its sustainability performance in 2021 and for performing so well in our first year of the independent review by EcoVadis. This recognition from EcoVadis helps to illustrate to our customers and stakeholders that we take sustainability and environmental protection very seriously."

"Our team has been working hard to meet the high standards set by EcoVadis for sustainability projects, and this award recognizes their successful efforts," added Raivo Vasnu, Silmet's managing director, "and we look forward to continuing to further improve our sustainability performance."

Neo Performance is currently examining plans to expand rare earth processing capabilities at the Silmet rare earth processing plant, as well as to establish production of sintered NdFeB magnets in Estonia. Sintered NdFeB magnets are the world's strongest permanent magnets and are a key component in a growing number of electric vehicle models, advanced wind turbines, and other technologies.

The award marks the third time this year that Neo's rare earth facility has received top marks for sustainability efforts from EcoVadis. Global leadership in sustainability has been a key pillar of Neo's long-term growth strategy.

In addition to its partnership with EcoVadis, Neo participates in the world's largest corporate sustainability initiative, the UN Global Compact, and is committed to implementing the Global Compact's 10 principles on human rights, labor, environment, and anti-corruption.

Neo's business model has long emphasized operating in a circular economy model whenever possible, as it makes sense from both an environmental and business perspective.

Neo Performance's advanced industrial materials, magnetic powders, magnets, specialty chemicals, metals, and alloys are critical to the performance of many everyday products and emerging technologies

As one of the world's largest providers of business sustainability ratings, EcoVadis assesses companies' sustainability management and progress. Its methodology is built on international sustainability standards, including the Global Reporting Initiative, the United Nations Global Compact, and ISO 26000, covering more than 200 spend categories and more than 160 countries. The sustainability rating describes performance on 21 indicators in four main categories (Environment, Labor & Human Rights, Ethics, and Sustainable Procurement).

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