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The HPMS process for extracting and demagnetising neodymium iron boron (“NdFeB”) alloy powders from magnets embedded in scrap and redundant equipment, was originally developed within the Magnetic Materials Group at the University of Birmingham and subsequently licenced to HyProMag. HyProMag is pioneering commercialisation of short loop magnet recycling via the patented Hydrogen Processing of Magnet Scrap (HPMS) technology.
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(AIM/TSX-V: MKA) (the "Company" or "Mkango") is pleased to announce that it has increased its interest in HyProMag from 25% to 41.6% following the exercise by HyProMag of its right to convert into shares of HyProMag the £200,000 convertible loan which formed part of the £500,000 financing package completed in January 2020. 03, 2021 (GLOBE NEWSWIRE) - Mkango Resources Ltd. LONDON and VANCOUVER, British Columbia, Nov. Mkango is evaluating further complementary opportunities to expand its position in rare earth recycling, benefiting from its increased strategic interest in HyProMag with associated offtake and supply rights, and HyProMag’s early-mover competitive advantage in a sector with high technological barriers to entry.HyProMag is set to become the UK’s first producer of recycled, sintered NdFeB rare earth magnets and materials, as used in electric vehicles, wind turbines and consumer electronics, further benefiting from an estimated 88% lower energy usage and close to zero human toxicity versus primary mining to separation to metal alloy to magnet production.
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Cash retained by HyProMag will be used to support the scale up of the patented Hydrogen Processing of Magnet Scrap (HPMS) technology at University of Birmingham and Tyseley Energy Park, centres of excellence for magnetic materials, green technology and clean energy innovation.Mkango increases its interest in HyProMag from 25.0% to 41.6% following the exercise by HyProMag of its right to convert into shares of HyProMag the £200,000 convertible loan which formed part of the £500,000 financing package completed in January 2020.