A subsidiary of Mkango Resources (TSXV:MKA) has signed an investment term sheet and one year exclusivity agreement with HyProMag Limited, a private company focused on rare earth magnet recycling.
Mkango owns a 75.5 percent stake in Maginito.
As quoted from the press release:
William Dawes, chief executive of Mkango stated: “We are very pleased to be working with the leading team and University in the field of magnetic materials. We believe that rare earth magnet recycling and primary production will play complementary roles in the development of a sustainable electric vehicle supply chain and we see clear synergies with the development of Mkango’s advanced stage Songwe Hill rare earths project in Malawi.”
Prof. Allan Walton, Director of HyProMag stated: “In recent years the rare earth materials which are used in permanent magnets have come under considerable supply constraints. At the same time there is very little recycling of these materials partly due to the technological challenges for efficiently separating magnets from end of life products. This investment in HyProMag will exploit HPMS in order to provide a secure supply of rare earth alloys with a very low environmental footprint. The strategic alliance with Mkango has future potential for supplementing and enhancing products with additional independent supply chains.”