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Neo Performance Materials and Energy Fuels launch rare earth production initiative

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March 1 (Reuters) - Rare earth manufacturer Neo Performance Materials and Energy Fuels Inc on Monday launched a rare earth production initiative spanning the European and North American regions.

China is the world's largest producer of rare earths, a group of 17 minerals used in everything from consumer electronics to military equipment.

China has threatened to stop exporting these minerals to the United States. Reviving domestic rare earths production has become a priority in Washington as relations with Beijing have frayed.

Under the agreement, uranium miner Energy Fuels said it would process the monazite sands into a mixed rare earth carbonate in Utah for use as feed material for Neo's rare earth production plant in Europe.

Energy Fuels also said it would continue to evaluate developing additional U.S rare earth production capabilities in Utah in the future.

(Reporting by Arunima Kumar in Bengaluru; Editing by Amy Caren Daniel)