Abstract: A centrifugal pump for circulating fluids at high pressure comprises an impeller having an axis of rotation, a casing defining a pumping chamber, a nonmagnetic canister sealed at one end and extending away from the pumping chamber surrounding an extension of the impeller axis, and an impeller shaft journaled in the nonmagnetic canister. The shaft has mounted thereto circumferentially magnetized rare earth cobalt magnets. A drive magnet assembly comprising a sleeve is journaled about the nonmagnetic canister with circumferentially magnetized rare earth cobalt magnets mounted therein. Rotation of the sleeve results in synchronous rotation of the impeller and impeller shaft.