3rd Sep 2024 19:15
Mkango Resources Ltd - Malawi-focused producer of recycled rare earth magnets, alloys and oxides - Maginito Ltd, of which Mkango has a 79.4% stake, signs agreement with Inserma Anoia SL, a Spanish digital technology developer for the industrial and manufacturing industries. Companies to develop a process through which rare earth magnets are extracted from voice call motors in hard drive disks and put through HyProMag recyclers. HyProMag was developed by Maginito subsidiary HyProMag Ltd. It uses hydrogen processing of magnet scrap technology to extract neodymium iron boron from hard drives for re-processing and resale into the rare earth magnets market.
Chief Executive William Dawes comments: "We are very excited to be working with Inserma on the commercialisation of its groundbreaking suite of technologies, which are highly complementary to HyProMag's HPMS technology. We aim to provide a win-win circular solution to customers for recovery of rare earth magnets from a range of applications, lowering the carbon footprint, cost and generating additional benefits from hitherto unrealised value streams."
Current share price: 6.25 pence
12-month change: down 39%
By Aidan Lane, Alliance News reporter
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