Globe/NYT say Neo scores rare earth rights in GreenlandThe Globe and Mail reports in its Tuesday, Aug. 23, edition that Neo Performance Materials is buying rare earth mining rights in Greenland from Hudson Resources. A New York Times dispatch to The Globe reports that chief executive officer Constantine Karayannopoulos says Neo plans to start mining and processing ore in Greenland in two to three years, with full production in about five years. The semi-processed ore will be shipped to Neo's chemical separation factory in Estonia, a former Soviet republic on the Baltic Sea in Northern Europe. Neo's goal is to free itself of the need to buy ore at world prices. These prices fluctuate more widely than most commodities, surging up to tenfold during periods of geopolitical tensions before crashing once tensions ease. Mr. Karayannopoulos says having a reliable, in-house source of raw material will make it possible to sell rare earths at fixed prices on long-term contracts with automakers. Neo is also preparing to start building this winter a factory in Estonia that will turn processed rare earths into magnets for electric-car motors. The factory in Estonia currently buys three-fifths of its rare earth ore from Russia and the rest from Utah.