Mkango (TSXV:MKA) receives funding for HyProMag project

Mkango (MKA) announces grant-funded HyProMag project to develop Germany’s first rare earth magnet recycling HPMS plantHyProMag GmbH has been awarded a €3.7 million grant for a new project to develop the local knowledge base and infrastructure further and recycle NdFeB production capacityIt is 80 per cent owned by HyProMag Limited (42 per cent Mkango), developing a similar-sized recycling plant at Tyseley Energy Plant in the UKHyProMag GmbH is 20 per cent owned by Professor Carlo Burkhardt of Pforzheim UniversityMkango Resources (MKA) is up over 6.75 per cent, trading at C$0.24 at 9:34 am EST

Mkango Resources (MKA) announced that HyProMag GmbH has been awarded grants totalling €3.7 million for a new project.

The project is entitled “Innovation Centre for Science & Economy Northern Black Forest IZWW.”

The project’s total cost is €6.1 million, and around 60 per cent will be funded by grants, on the basis that for each €1 spent on the project by HyProMag GmbH, a further €1.50 contribution can be claimed from the grants.

The project’s first phase includes the development of a production facility in Baden-Württemberg State.

It will hold a minimum capacity of 100tpa NdFeB comprising recycled rare earth sintered magnets, alloy pellets and powders.

The initial production facility would be similar to the £4.3 million project being developed by HyProMag Limited and the University of Birmingham at Tyseley Energy Park in the UK, funded by Driving the Electric Revolution.

HyProMag GmbH was established to commercialize HPMS technology in Germany and the EU.

The company seems to be proud of this project due to the fact it is a milestone in the fulfilment of this strategy.

In addition, rare earth magnets play a key role in clean energy technologies, including electric vehicles and wind turbine generators.

William Dawes, Chief Executive of Mkango, stated, “We envisage that recycling rare earth magnets will play a key role in developing robust supply chains to catalyze and support growth in the electric vehicle sector in other clean technologies.”

“This Project further cements Mkango’s and HyProMag’s early mover advantage in the rare earth magnet recycling sector, highlighting its competitive position and benefiting from [a powerful] network of industry and academic partners,” added Dawes.

Professor Carlo Burkhardt, Director of HyProMag GmbH, added, “Setting up this ultra-efficient manufacturing facility for rare earth permanent magnets is a unique opportunity to establish technological leadership along the entire value chain for rare earth magnets.”

They are also a key component in electronic devices, including mobile phones, hard disk drives and loudspeakers. 

Mkango Resources (MKA) is up over 6.75 per cent, trading at C$0.24 at 9:34 am EST.

The post Mkango (TSXV:MKA) receives funding for HyProMag project appeared first on The Market Herald.

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