-- Mkango Resources Ltd. (AIM:MKA and MKA,V) was at last look up 1.85% in afternoon UK trade after it announced earlier Thursday that HyProMag GmbH has completed the first commissioning runs for the commercial scale Hydrogen Processing of Magnet Scrap vessel at its rare earth magnet recycling and manufacturing plant located in Pforzheim, Germany.
A statement noted the plant consists of a commercial scale rare earth sintered magnet recycling and manufacturing line, underpinned by the patented HPMS technology. The plant is fully permitted for production of up to 750 tonnes per annum of neodymium-iron-boron magnets and alloys, and HyProMag GmbH is targeting phased scale-up to this level over the next three years.
Mkango, listed on the AIM and the TSX-V Stock Exchanges, said its corporate strategy is to become a market leader in the production of recycled rare earth magnets, alloys and oxides, through its interest in Maginito Limited, which is owned 79.4% by Mkango and 20.6% by CoTec Holdings Ltd.
Maginito holds a 100% interest in HyProMag Limited and a 90% direct and indirect interest (assuming conversion of Maginito's convertible loan) in HyProMag GmbH, focused on short loop rare earth magnet recycling in the UK and Germany, respectively, and a 100% interest in Mkango Rare Earths UK Ltd, focused on long loop rare earth magnet recycling in the UK via a chemical route.
Shares in MKA rose near 5% in Canada yesterday.