HyProMag, a company in which Mkango subsidiary Maginito holds a stake, has successfully recycled rare earth magnets from loudspeakers in vehicles and flat screen televisions.
Recycling rare earth magnets creates a low-energy impact feedstock, which would otherwise be lost to landfill. Loudspeakers account for about 20% of the current market for rare earth magnets.
The recycling process is underpinned by a UK-grown technology, hydrogen processing of magnet scrap, or HPMS, and presents an opportunity for the UK to fast-track the development of competitive rare earth magnet production.
The project also included European Metal Recycling and University of Brimingham and was funded through a grant from the Industrial Strategy Challenge Fund, delivered by UK Research and Innovation.
Dual-listed Mkango, which is developing the Songwe Hill rare earths project in Malawi, holds a 25% stake in HyProMag through its subsidiary Maginito and has an option to increase this 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.