LONDON/VANCOUVER - HyProMag Ltd., a subsidiary of Mkango Resources Ltd. (AIM/TSX-V: MKA) and CoTec Holdings Corp. (TSXV: CTH; OTCQB: CTHCF), showcased its rare earth magnet recycling and manufacturing projects at the Minerals Security Partnership (MSP) meeting in Brussels on Thursday. The MSP, which includes nations such as the Republic of Korea, Australia, Canada, and the United States, among others, supports the initiative as part of developing responsible critical mineral supply chains.
HyProMag is commercializing a patented technology known as Hydrogen Processing of Magnet Scrap (HPMS), which was developed at the University of Birmingham Magnetic Materials Group. This technology, backed by approximately $100 million in research and development funding, is seen as having significant advantages over other recycling methods by effectively separating magnets from end-of-life scrap. The company plans to launch the technology in the United Kingdom (TADAWUL:4280) and Germany in 2025, and in the United States in 2027, with evaluations for other jurisdictions ongoing, including a partnership with Envipro in Japan.
Mkango's strategy is to become a leader in the production of recycled rare earth magnets, alloys, and oxides, which are essential for electric vehicles, wind turbines, and other clean energy technologies. Its subsidiary, Maginito, holds interests in HyProMag and is also involved in rare earth magnet recycling through its ventures in the UK, Germany, and the United States.
CoTec, focused on ESG principles, invests in technologies that aim to revolutionize metal and mineral extraction and processing, and is actively seeking opportunities to apply these technologies to undervalued assets and recycling initiatives.
The press release statement also includes cautionary notes regarding forward-looking statements, reminding readers of the inherent risks and uncertainties associated with such predictions. These risks include, but are not limited to, the successful scale-up of HPMS technology to commercial levels, availability of financing, market demand, competition, regulatory challenges, and the successful development of the proposed recycling and separation plants.
The information for this article is based on a press release statement from Mkango Resources Ltd. and CoTec Holdings Corp.
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