U.S. company HyProMag signs deal with international electronic waste recycler, Intelligent Lifecycle Solutions, for feedstock provision and joint pre-processing facility in South Carolina and Nevada.
Mkango Partners with Intelligent Lifecycle Solutions for Rare Earth Magnet Recycling in the U.S.
Mkango Resources Ltd., a company listed on the AIM and the TSX-V, has announced a significant partnership with Intelligent Lifecycle Solutions (ILS) to recycle rare earth magnets in the United States. This collaboration is part of Mkango's corporate strategy to become a market leader in the production of recycled rare earth magnets, alloys, and oxides.
Under the agreement, ILS will supply and preprocess neodymium iron boron (NdFeB) magnets and related materials at its certified facilities in South Carolina and Nevada. These feedstocks, sourced from hard disk drives (HDDs) and other equipment, will then be sent to HyProMag USA’s advanced magnet recycling and manufacturing hub planned in the Dallas-Fort Worth area.
HyProMag USA, a joint venture between CoTec Holdings and Canada-based Maginito Ltd. (which includes Mkango Resources), aims to scale production to over 1,500 metric tons of NdFeB materials annually within five years after commissioning, with construction expected to be completed by 2027. The facilities will utilize automated extraction and hydrogen-based short-loop recycling technology originally developed at the University of Birmingham.
Graham Davy, CEO of ILS, emphasized the value of this collaboration for creating a circular, low-carbon supply chain of critical rare earth materials within the U.S., leveraging ILS’s infrastructure to procure feedstock from government, manufacturing, and other recycling sources. The supply agreement is expected to be the first of several as the project advances.
Mkango owns the advanced stage Songwe Hill rare earths project in Malawi and the Pulawy rare earths separation project in Poland. The company's interests also extend to Maginito, which holds a 100% interest in HyProMag and a 90% direct and indirect interest in HyProMag GmbH, focused on short loop rare earth magnet recycling in the UK and Germany, respectively.
For further information on Mkango, please contact William Dawes at [email protected] or Alexander Lemon at [email protected]. It is important to note that the TSX Venture Exchange has neither approved nor disapproved the contents of this press release. The securities of the Company will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold within the United States to, or for the account or benefit of, U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any equity or other securities of the Company in the United States. The Market Abuse Regulation (MAR) Disclosure states that the information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR'). The news release contains forward-looking statements regarding Mkango and CoTec.
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In the partnership between Mkango Resources and Intelligent Lifecycle Solutions, data-and-cloud-computing technology will likely be employed to manage and optimize the recycling process of rare earth magnets in the U.S. business operations, given Mkango's focus on incorporating innovative technology into their strategies. Moreover, the finance sector will play a crucial role in funding the construction and operation of HyProMag USA's facilities, as these are aimed at producing over 1,500 metric tons of NdFeB materials annually, a significant investment in the industry of rare earth magnet production and recycling.
