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    HUD   CA44415F1036

HUDSON RESOURCES INC.

(HUD)
Delayed Bourse de Toronto  -  01:05 2022-12-02 pm EST
0.0300 CAD    0.00%
11/28Hudson Resources Inc. Reports Earnings Results for the Second Quarter and Six Months Ended September 30, 2022
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10/31Hudson Resources Inc. Announces AGM Results
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10/18Hudson Announces Grant of Stock Options
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Neo agrees to buy Greenland rare earth project from Hudson Resources

08/22/2022 | 07:09am EST
FILE PHOTO: FILE PHOTO: Samples of rare earth minerals Cerium oxide, Bastnaesite, Neodymium oxide and Lanthanum carbonate

LONDON (Reuters) - Neo Performance Materials has agreed to buy a rare earth mining project in Greenland owned by Hudson Resources to supply its growing needs for the minerals to produce permanent magnets, the two Canadian-listed firms said on Monday.

The European Union wants to develop domestic output of rare earth magnets - key for both electric vehicles and wind turbines - to help meet targets for cutting carbon emissions and to reduce reliance on China.

Neo will buy the Sarfartoq project for a total of $3.5 million, contingent on the Greenland government approving the transfer of the licence for the project, the companies said in a statement.

Last year, the Greenland government banned uranium mining, effectively halting development of the Kuannersuit rare earth project owned by Greenland Minerals.

The Sarfartoq project does not contain elevated levels of uranium, but has high levels of neodymium and praseodymium, two essential elements for rare earth permanent magnets, Hudson has said.

Neo plans to develop the mine to supply its rare earth business, including a rare earth separation plant in Estonia, which it plans to expand into a European hub to produce rare earth alloys and magnets.

"Once in production, this project will significantly increase the diversity of global rare earth supply for our processing facilities around the world," said Neo Chief Executive Constantine Karayannopoulos.

China is the world's dominant producer of rare earths, accounting for about 90 percent of global supplies.

Under the agreement, Neo will initially pay Hudson $250,000 and upon Greenland government approval, will pay an additional $3.25 million for the project, which will be placed into a special purpose entity.

If the mine is sold or listed within five years, Hudson would get 5% of any proceeds or equity.

(Reporting by Eric Onstad; editing by Diane Craft)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ENERGY TRANSITION MINERALS LTD -4.00% 0.048 Delayed Quote.-93.98%
HUDSON RESOURCES INC. 0.00% 0.03 Delayed Quote.-66.67%
NEO PERFORMANCE MATERIALS INC. -1.06% 10.27 Delayed Quote.-48.82%
All news about HUDSON RESOURCES INC.
11/28Hudson Resources Inc. Reports Earnings Results for the Second Quarter and Six Months En..
CI
10/31Hudson Resources Inc. Announces AGM Results
AQ
10/18Hudson Announces Grant of Stock Options
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10/12Hudson Resources Inc. Announces Completion of Shares For Debt Transactions
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09/28Hudson Resources Details Shares-for-Debt Transactions
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09/28Hudson Resources Inc. Announces Shares for Debt Transactions
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08/29Hudson Resources Inc. Reports Earnings Results for the First Quarter Ended June 30, 202..
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08/22Neo Performance To Acquire Rare Earths License In Greenland From Hudson For US$3.5 Mill..
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08/22Neo Performance To Acquire Rare Earths License In Greenland From Hudson For US$3.5 Mill..
MT
08/22Neo agrees to buy Greenland rare earth project from Hudson Resources
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Financials
Sales 2022 - - -
Net income 2022 -5,46 M -4,06 M -4,06 M
Net Debt 2022 0,11 M 0,08 M 0,08 M
P/E ratio 2022 -1,96x
Yield 2022 -
Capitalization 5,45 M 4,05 M 4,05 M
EV / Sales 2021 -
EV / Sales 2022 -
Nbr of Employees -
Free-Float 95,4%
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Managers and Directors
James K. Cambon President, Chief Executive Officer & Director
Samuel C. K. Yik Chief Financial Officer & Secretary
David Frattaroli Independent Director
Kevin T. Crawford Director
Donna Phillips Director