NARVA, Estonia (Chatnewstv.com) — Estonia’s prime minister on Friday hailed the opening of a Canadian-owned rare earth magnet plant in the eastern city of Narva as a milestone for both the country and Europe’s economic future.
“With this investment, Estonia is now at the very heart of Europe’s rare earth magnet manufacturing,” Prime Minister Kristen Michal said at the inauguration of Neo Performance Materials’ new facility.
“The magnets made here will power electric vehicles, wind turbines, and the green technologies of tomorrow. The future of Europe’s competitiveness is being built here, in Ida-Virumaa.”
The plant, constructed at record speed, is designed to reduce Europe’s reliance on China for rare earth metals and bolster EU supply chain security. Officials said the factory will initially create 300 permanent jobs, with the potential to expand to 1,000.
Michal said the project strengthens Europe’s technological sovereignty while raising Estonia’s profile as a hub for innovation.
“Several hundred new jobs mean a new chapter for the people of Narva and Ida-Viru County as a whole,” he said.
“As oil shale declines, the magnet factory creates new opportunities for the local workforce.”
The plant was financed through cooperation between the European Union’s Just Transition Fund, the Estonian state, and the city of Narva.
During his visit to the region, Michal also toured HANZA Mechanics Narva, a heavy mechanical engineering firm whose products serve warehousing, mining, forestry and energy industries across international markets.
Editor: Gabriel Ani
