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44.00 -2.10 (-4.52%)

Bid:

43.00

Ask:

45.00

Spread: 2.00 (4.651%)

Market Cap: £172.03m

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Mkango Resources hails HyProMag's technology chosen for key project

Wed, 11th Oct 2023 17:24

(Alliance News) - Mkango Resources Ltd on Wednesday said that HyProMag Ltd's rare earth magnet recycling technology has been selected by the Minerals Security Partnership for support as one of its key projects.

Mkango said HyProMag was chosen because MSP views its strong potential to contribute towards the development of responsible critical mineral supply chains.

Mkango explained: "The MSP was formed in 2022 by 14 governments and aims to ensure adequate supplies of minerals such as rare earths to meet net zero-carbon goals. It aims to support public and private sector investments building diverse, secure, and responsible global critical minerals supply chains. Partner governments includes the United Kingdom, the US, Australia, Canada, Finland, France, Germany, Japan, India, the Republic of Korea, Norway, Sweden and the EU."

Julian Treger, chief executive officer of CoTec Holdings Corp, which also noted the announcement, said: "This exciting development is a strong validation of HyProMag's REE recycling technology and further demonstrates its attractiveness and potential, both from a strategic and commercial perspective."

Maginito, which is 79% owned by Mkango and 21% owned by CoTec, bought HyProMag in 2023.

Mkango Resources shares closed 2.9% higher at 8.75 pence each in London on Wednesday.

By Tom Budszus, Alliance News reporter

Comments and questions to newsroom@alliancenews.com