GREENWOOD VILLAGE, Colorado and TORONTO, June 8 /CNW/ - Molycorp Minerals, LLC ("Molycorp"), a wholly owned subsidiary of Molycorp, Inc. and the owner of the largest non-Chinese rare earth deposit in the world, and Neo Material Technologies Inc. ("Neo") (TSX: NEM), a global producer of neodymium-iron-boron magnetic powders and rare earth based engineered materials and applications, announced today that they have entered into a letter of intent pursuant to which the two companies expect to cooperate in the rare earth "Mine to Magnets" supply chain to their mutual benefit. The letter of intent contemplates a technology transfer agreement between the companies pursuant to which Neo would provide Molycorp with technical assistance and know-how with respect to production of rare earth metals, alloys and magnets. The letter of intent also contemplates potential supply agreements pursuant to which Neo would purchase mixed rare earth carbonates, as well as neodymium and praseodymium oxides or metals from Molycorp, and a potential cooperative marketing and distribution arrangement under which Neo would market various Molycorp products. The letter of intent is non-binding, and the transactions contemplated, including any technology transfer, supply or marketing agreements, are subject to the negotiation and execution of definitive agreements.
Neo Material Technologies Inc., a Canadian public company, is a producer, processor and developer of neodymium-iron-boron magnetic powders, rare earths and zirconium-based engineering materials and applications, and other high value niche metals and their compounds through its Magnequench and Performance Materials business divisions. Neo is headquartered in Toronto, Ontario.
Molycorp Minerals LLC, with headquarters in Greenwood Village, Colorado, is a private, US rare earth producer and technology company. As the owner of the largest non-Chinese rare earth deposit in the world, and a leader in rare earth technology, Molycorp Minerals supplies a variety of rare earth materials that are critical to emerging Green Energy technologies, High Tech applications and numerous Defense Systems.
SOURCE Neo Material Technologies Inc.
For further information: For further information: please contact Mr. Ali Mahdavi with Neo Material Technologies Inc. at (416) 962-3300, ext. 225 or visit: http://www.neomaterials.com; For more information, please contact Molycorp Minerals, LLC at (303) 843-8040 or visit: www.molycorp.com