2023-06-28 17:33:48
Katri Rajk compared the beginning of the construction of the Narva plant for permanent magnets with the founding of the Krenholm manufactory. Photo: Meelis Muhu
Konstantin Karajannopolus, chief executive of Neo Performance Materials, the parent company of the Sillamäe rare-earth metals plant Silmet, who arrived at the solemn start of construction, said that the plan to build a magnet plant in Narva was born a year and a half ago, that is, shortly before the start of the war in Ukraine. The proximity of the future plant to Russia did not deter investors.
Answering a question from NG whether the corporation headquartered in Canada saw a threat in the vicinity of the planned plant with Russia, Konstantin Karayannopolus said that he felt as safe in Narva as in Paris or Berlin. In such a level of security, which guarantees Estonia’s membership in the EU and NATO, the chief executive of Neo convinced, according to him, investors at the beginning of last year.
Narva’s Neo Magnequench plant, which will use Silmet-produced rare earth metals as raw materials and produce permanent magnets for electric motors and wind turbines, is scheduled to launch in early 2025.
Rare earth magnets are a key component in the production of renewable energy, electric vehicles, data carriers, consumer electronics, robotics, medical equipment.
“Our discussions with customers who use magnets have shown that the demand for them is much higher than anticipated when planning the first phase of Neo Magnequench’s Narva plant, which will start with a production of 2,000 tons of magnetic blocks per year. I will be surprised if the plant does not reach the second stage capacity – more than 5,000 tons – in just a couple of years. The total investment could rise to about 250 million euros, and then we would need to expand the staff to almost 1,000 employees,” said Constantin Karaiannopoulos.
Investments in the first phase of the plant amount to 100 million euros, of which 18.7 million will come from the Just Transition Fund.
Karayannopolous informs that Neo Magnequench will initially employ 300-400 people, and about five percent of them will be foreign specialists. But over time, says Karaiannopoulos, they will be gradually replaced by local workers, and at some point there will be no foreigners left in the team.
Karajannopoulos says that he is making efforts to attract to Narva, to motivate the construction of the production of future customers of the magnet factory here, by creating a high-tech cluster in the border town.
Rare earths produced at Silmet are currently shipped to Asia, where they are used to make magnets, among others, which are then bought by European and North American companies. The Narva Magnet Plant will enter this global market with relatively modest volumes, but with not only symbolic significance. The first stage of the plant, according to plans, will cover 14 percent of the EU’s need for magnets.
Minister of Economics and Information Technology Tiit Riisalo called the day of the start of construction of the Neo Magnequench in Narva an event of pan-European significance.
The mayor of Narva, Katri Raik, compared the beginning of the construction of the magnet factory with the founding of the Krenholm Manufactory, the largest textile enterprise in the Russian Empire, in 1857.
“About 6,000 citizens now work outside of Narva, and I think there will be 400 people for the plant,” said Katri Raik, who hopes that the job opportunity there will encourage many to return to the city.
Karayannopoulos assures that the new plant will not cause significant harm to the environment, claims that this is a practically waste-free production that does not negatively affect the air environment.
Ivan Sepp
Photo: Meelis Muhu
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