10th Jun 2024 13:25
(Alliance News) - Mkango Resources Ltd on Monday launched a collaboration with Envipro Holdings Inc on rare earth magnet recycling in Japan and the UK.
Shares in Mkango jumped 17% to 7.21 pence each in London on Monday.
The deal with Envipro, a Shizuoka, Japan-based recycling company, is via Mkango's 79% owned subsidiary, HyProMag.
The collaboration includes the joint marketing of HyProMag recycling technology solutions and recycled magnets in Japan and recycling trials to be carried out in UK and Japan on neodymium–iron–boron scrap supplied by Envipro.
In addition, there will be analysis of the NdFeB scrap supply market and offtake opportunities in Japan plus collaboration on potential HyProMag recycling technology development in Japan.
Mkango said it continues to evaluate opportunities to expand interests in rare earth magnet recycling globally through joint ventures, collaboration, marketing and offtake agreements.
Chief Executive Will Dawes said: "This is the first step in the roll out of HyProMag's rare earth magnet recycling technology into Japan and other Asian markets, and we are very excited to work with Envipro. We see Japan as a major growth opportunity for Mkango and HyProMag."
By Jeremy Cutler, Alliance News reporter
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