Executives from Europe’s electric-vehicle industry are trekking to the continent’s sparsely populated northeastern parts to queue for something they struggle to find outside of China: rare-earths magnets that are essential components in EVs.

In Narva, an Estonian industrial town that sits across the river from Russia, Canadian company Neo Performance Materials has built a $75 million magnets plant that opened on Friday. Neo’s initial output will supply components for as many as 1 million cars annually.

“Rare earths are on the top of every government’s list of critical materials,” Neo Chief Executive Officer Rahim Suleman said at the ribbon-cutting, which was also attended by Estonian Prime Minister Kristen Michal and representatives from General Motors Co. and parts suppliers Robert Bosc

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