Mkango now owns 41.6% of HyProMag
Aim- and TSX-V-listed Mkango Resources’ interest in UK-based magnetic recycling company HyProMag has increased to 41.6% from 25%.
This followed HyProMag opting to exercise its right to convert into shares a £200 000 loan, which formed part of a £500 000 financing package agreed between the companies in January 2020.
HyProMag will use the cash to scale up its patented hydrogen processing of magnet scrap technology.
This sets the company in good stead of becoming the UK’s first producer of recycled, sintered neodymium magnet rare earth magnets and materials, which are used in electric vehicles, wind turbines and consumer electronics.
The recycling of this material offers lower energy use and almost zero human toxicity, compared with primary mining to separation to metal alloy to magnet production.
Meanwhile, Mkango continues to evaluate further opportunities to expand its position in rare earths recycling.
Mkango’s interest in HyProMag is held through a subsidiary called Maginito Limited and it has the option to further increase its interest in HyProMag to 49%.
Maginito has the first right to supply primary production, if required, for blending with recycled production from HyProMag, as well as product offtake and marketing rights.
Comments
The
functionality
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation