Motortion
CoTec Holdings (OTCQB:CTHCF) and Mkango Resources (OTCPK:MKNGF) have announced a 50:50 joint venture to roll out HyProMag’s rare earth magnet recycling technology in the US.
HyProMag is a subsidiary of Maginito, which is owned by Mkango and CoTec.
The JV, HyProMag US, will use HyProMag’s Hydrogen Processing of Magnet Scrap technology to recover rare earths from end-of-life products and manufacture new magnets.
- The JV will conduct a feasibility study for the deployment of three HPMS vessels and one magnet manufacturing facility in the US, which is expected to be completed in 2024.
- CoTec will fund the initial operations and the development costs of the project, which are estimated to be between £30 million and £50 million.
- The joint venture will also seek US government funding for the project.
- HyProMag is already commercialising its technology in the UK, Germany and United States, with first production expected in the UK in 2023 and in Germany in 2024.
- Revenue from the US joint venture is targeted for 2025/2026.