12th Dec 2023 09:32
(Alliance News) - Mkango Resources Ltd on Tuesday announced the first production of recycled rare earth magnets on commercial scale manufacturing equipment in the UK in over 20 years.
The Vancouver-based mineral exploration and development company said the production of recycled rare earth magnets is being developed by Birmingham University as well as HyproMag, which is owned by its 79.4% subsidiary, Maginito Ltd, at the Tyseley energy park in Birmingham.
Further production runs are being planned in the coming weeks, it said, with commercial production at Tyseley targeted for mid-2024.
Mkango said hydrogen processing of magnet scrap technology being commercialised by HyProMag is "far cleaner and more energy efficient than traditional magnet recycling processes."
The initial throughput is targeted to 20 tonnes per annum of rare earth magnets and alloys, scaling up to a minimum of 100tpa in subsequent months.
Mkango Chief Executive Officer Will Dawes said: "This is a major milestone for the company, HyProMag and for the UK, creating a strong platform to advance to commercial production and for the scale-up and roll-out of HPMS technology into Germany, US and other jurisdictions. HyProMag's recycling technology has major competitive advantages versus other recycling technologies, and is a key enabler for the cost-effective and energy efficient separation and recycling of rare earth magnets, avoiding the need for dismantling, and enabling the production of magnets with a significantly reduced carbon footprint."
Shares in Mkango were up 4.9% at 11.80 pence each in London on Tuesday morning.
By Sabrina Penty, Alliance News reporter
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