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Mkango Resources Ltd (2)
Symbol MKA
Shares Issued 268,453,574
Close 2024-06-03 C$ 0.12
Market Cap C$ 32,214,429
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Mkango's HyProMag to collaborate with Envipro

2024-06-10 09:32 ET - News Release

Mr. Will Dawes reports

MKANGO RESOURCES LIMITED ANNOUNCES HYPROMAG TO COLLABORATE WITH ENVIPRO

Pursuant to a non-binding memorandum of understanding (MoU), Mkango Resources Ltd.'s HyProMag Ltd. has launched a collaboration with Envipro Holdings Inc. on rare earth magnet recycling in Japan and the United Kingdom.

Will Dawes, chief executive of Mkango, stated: "This is the first step in the rollout of HyProMag's rare earth magnet recycling technology into Japan and other Asian markets, and we are very excited to work with Envipro. We see Japan as a major growth opportunity for Mkango and HyProMag, given its substantial and longstanding rare earth market presence, and strategic alignment with the development of more robust rare earth supply chains and the objectives of the minerals security partnership, of which Japan is a member."

Dave Kennedy, director of HyProMag, stated: "Japan has been at the forefront of developments in the application of sintered NdFeB [neodymium-iron-boron] magnet applications since the invention of this magnet type by Sagawa at Sumitomo Special Metals in 1983. Very little end-of-life recycling has been achieved in the intervening years and we are pleased to be working with Envipro to unlock the potential for recovering critical resources in Japan."

Shinobu Tachibana, Envipro Holdings, Newscon Inc. United Kingdom representative, stated: "Envipro is a global-scale recycling company, developing state-of-the-art-technologies and know-how in the recycling sector. Our goal is to help transform the societies from a linear economy to a circular model. Japan has many industries that use NdFeB magnets in their products, however, recycling of NdFeB magnets has been very limited to date because conventional recycling processes for NdFeB magnets, being de-magnetizing, shredding, sorting and wet metal smelting, are very costly, inefficient and environmentally unfriendly. HPMS [hydrogen processing of magnet scrap] is a revolutionary technology for both recycling and remanufacturing of NdFeB magnets, which provides solutions for these cost and efficiency challenges. Envipro and HyProMag will collaborate on engagement with potential Japanese customers to further the development of HPMS technology in Japan, and adopt it for the recycling of rare-earth materials in their products."

HyProMag is commercializing hydrogen processing of magnet scrap recycling technology in the U.K., Germany and the United States. HPMS technology was developed at the University of Birmingham, underpinned by approximately $100-million (U.S.) of research and development funding, and has major competitive advantages versus other rare earth magnet recycling technologies, which are largely focused on chemical processes but do not solve the challenges of liberating magnets from end-of-life scrap streams -- HPMS provides the solution.

Near-term milestones for the recycling business include full commissioning of the short-loop HPMS recycling plant in the U.K., with initial commercial sales of NdFeB by HyProMag targeted for H2 2024, commissioning of the pilot scale (long-loop, chemical route) recycling plant in the U.K. to produce rare earth oxides and carbonates in H1 2024, and completion of the United States feasibility study in H2 2024. Initial production in the U.K. is targeted at 25 tonnes per annum to 30 tpa NdFeB, with significant expansion potential.

HyProMag's HPMS recycling technology was selected by the Minerals Security Partnership (MSP) for support as one of its key projects. The technology was selected because the MSP determined its strong potential to contribute toward the development of responsible critical mineral supply chains.

The MSP was formed in 2022 by 14 governments and aims to ensure adequate supplies of minerals such as rare earths to meet net zero-carbon goals. It aims to support public and private sector investments building diverse, secure and responsible global critical minerals supply chains.

About Mkango Resources Ltd.

Mkango is listed on the Alternative Investment Market and the TSX Venture Exchange. Mkango's corporate strategy is to become a market leader in the production of recycled rare earth magnets, alloys and oxides, through its interest in Maginito Ltd., which is owned 79.4 per cent by Mkango and 20.6 per cent by CoTec, and to develop new sustainable sources of neodymium, praseodymium, dysprosium and terbium to supply accelerating demand from electric vehicles, wind turbines and other clean energy technologies.

Maginito holds a 100-per-cent interest in HyProMag and a 90-per-cent direct and indirect interest (assuming conversion of Maginito's convertible loan) in HyProMag GmbH, focused on short loop rare earth magnet recycling in the U.K. and Germany, respectively, and a 100-per-cent interest in Mkango Rare Earths U.K. Ltd. (Mkango U.K.), focused on long loop rare earth magnet recycling in the U.K. via a chemical route.

Maginito and CoTec are also rolling out HyProMag's recycling technology into the United States via the 50/50 owned HyProMag USA LLC joint venture company.

Mkango also owns the advanced-stage Songwe Hill rare earths project, and an extensive rare earths, uranium, tantalum, niobium, rutile, nickel and cobalt exploration portfolio in Malawi, and the Pulawy rare earths separation project in Poland. Discussions with the government of Malawi in relation to the mining development agreement for Songwe Hill are continuing.

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