March 9, 2012 / 3:23 AM / in 6 years

REFILE-UPDATE 1-Neo Material Tech posts 153 pct jump in Q4 profit

* Q4 EPS $0.30 vs $0.13 a year earlier

* Q4 rev $203 mln vs $102 mln last year

March 8 (Reuters) - Canadian rare earth miner Neo Material Technologies Inc posted a 153 percent jump fourth-quarter net profit on Thursday, helped by growth in its performance materials segment.

The Toronto-based company reported a fourth-quarter net profit of $38 million, or 30 cents per share, compared with a year-earlier profit of $15 million, or 13 cents per share.

Neo recorded operating income of $44 million, up from $18 million a year earlier, and said revenue jumped to $203 million, from $102 million.

Revenue from performance materials rose 86 percent to $113.1 million.

The company, which processes minor metals such as gallium, rhenium and indium, has agreed to be acquired by Molycorp Inc in a $1.31 billion cash and share deal that will give the Colorado-based rare earth miner access to Neo’s rare earth processing capabilities and patents.

Neo shares closed at C$7.97 on the Toronto Stock Exchange.

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