BUZZ-Neo Performance to sell interest in China rare earth assets; shares rise

Reuters2024-08-20

** Shares of Canada-based rare earth mineral company Neo Performance Materials rise 6.32% to C$8.08

** Co signs agreement to sell 86% equity interest in Jiangyin Jiahua Advanced Material Resources (JAMR) to Shenghe Resources Holding for $25.6 mln in cash

** Co to sell all of its stake in Zibo Jiahua Advanced Material Resources to Shenghe Resources for $4.1 mln in cash

** NEO to retain 9% equity interest and exclusive distribution rights for JAMR's heavy rare earth products outside China for an initial term of 5 years

** Both transactions are expected to close in Q4 2024

** Including session's moves, stock is up 6.03% YTD

(Reporting by Pooja Menon)

((Pooja.Menon@thomsonreuters.com))

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