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(Alliance News) - Mkango Resources Ltd on Tuesday said HyProMag Ltd, which its 90%-owned subsidiary Maginito Ltd fully owns, is participating in a GBP1.5 million project called Re-RE Wind, which aims to establish the UK's first circular supply chain for rare earth magnets used in wind turbines.
Vancouver-based mineral exploration and development company Mkango Resources said it is collaborating with European Metal Recycling Ltd, the Offshore Renewable Energy Catapult, Magnomatics Ltd and the University of Birmingham in the project.
The Re-RE Wind project has 67% of its funding, or GBP1.0 million, provided by Innovate UK's circular critical materials supply chains programme, known as Climates.
Mkango Resources said HyProMag's proportion of the budget is around GBP350,000, of which around 70% will be funded by the grant.
The grant is subject to the signature of a collaboration agreement between all parties, Mkango Resources said.
"This project further cements Mkango's and HyProMag's early mover advantage in the rare earth magnet recycling sector, highlighting its competitive position and strong network of leading industry and academic partners," said Mkango Resources Chief Executive Officer William Dawes.
"We look forward to continuing to support HyProMag as it scales up...hydrogen processing of magnet scrap and rolls-out the technology internationally."
HyProMag Operations General Manager Nick Mann commented: "We are very excited about this innovative project and the opportunity to further develop the UK supply chain for rare earth magnet recycling with the support of Innovate UK and an excellent consortium of project partners.
"Re-RE Wind will address the hurdles for recycling of permanent magnets from wind turbines, effectively unlocking a new domestic source of rare earths. It further underpins the scale-up of HyProMag's operations in the UK, whilst complementing other Innovate UK supported projects focused on different scrap streams, such as electronic waste and electric vehicle motors, in which HyProMag is participating."
HyProMag was acquired by Mkango Resources subsidiary Maginito last month. HyProMag works towards commercialising rare earth magnet recycling in the UK and Germany, and in the US in partnership with CoTec Holdings, alongside other jurisdictions.
Mkango Resources added that HyProMag's hydrogen processing of magnet scrap is a "homegrown, innovative technology" developed at the University of Birmingham with "major competitive advantages versus other rare magnet recycling technologies, which are largely focused on chemical processes but do not solve the challenges of liberating magnets from end-of-life scrap streams".
Shares in Mkango Resources closed up 1.1% to 10.36 pence each in London on Tuesday.
By Greg Rosenvinge, Alliance News reporter
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