22nd Apr 2025 12:39
Mkango Resources Ltd - Malawi-focused producer of recycled rare earth magnets, alloys, and oxides - Alongside CoTec Holdings Corp, Mkango says that Tampa, Florida-based PegasusTSI Inc and BBA USA Inc, whose parent is based in Quebec, Canada, have been engaged to complete the engineering, procurement and construction management services for HyProMag USA LLC's rare earth magnet recycling and manufacturing project in Dallas-Fort Worth, Texas. Mkango expects a notice to proceed for the second half of 2025, with first revenue targeted in the first half of 2027.
Mkango says HyProMag USA, which it owns equally with CoTec, is initially targeting to supply 10% of US domestic demand for neodymium/iron/boron magnets within five years of commissioning the first Dallas-Forth Worth hub.
Mkango Chief Executive Officer Will Dawes says: "We are very excited to see HyProMag USA's groundbreaking rare earth magnet recycling and manufacturing project proceed to the next stage of development. This project will make a major contribution to the creation of a more robust rare earth supply chain and a strong platform for further expansion in North America, complementing the ongoing HyProMag developments in the UK and Germany."
Current stock price: 19.00 pence, down 2.6% on Tuesday afternoon in London
12-month change: up from 6.00p
By Tom Budszus, Alliance News slot editor
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