Tsahkna: Funding for Neo Performance Materials will help to end dependence on raw materials from the aggressor state

Tsahkna: Funding for Neo Performance Materials will help to end dependence on raw materials from the aggressor state

“Estonia has worked for a long time to ensure that the European Commission supports the expansion of rare-earth permanent magnet production in Estonia. Today's decision is an important step towards strengthening the resilience and security of European industry. It will help create new jobs in Estonia, ensure more secure supplies for European industry and reduce dependence on imports of critical raw materials. In addition, it provides an opportunity to develop Estonia into a centre of expertise in this field,” said Foreign Minister Margus Tsahkna.

“Our goal is clear – industries of strategic importance to Europe must free themselves from supplies from the aggressor state Russia. This is a matter of both our economic independence and security. Today's funding decision will help accelerate the necessary changes, and we therefore expect NPM Silmet to act swiftly and decisively in finding alternative sources of raw materials so that rare-earth processing and permanent magnet production in Estonia can be launched as quickly as possible,” the Foreign Minister emphasised.

Further information: European Commission press release.