HyProMag GmbH has been awarded a €3.7 million grant for a new project to further develop the local knowledge base, infrastructure and recycled NdFeB production capacity to underpin its transition to commercial production in Germany
Initial capacity will be a minimum of 100tpa NdFeB, comprising recycled rare earth sintered magnets, alloy pellets and powders and will be the first in Germany using the patented HPMS (Hydrogen Processing of Magnet Scrap) process, with first production targeted for 2024
HyProMag GmbH is 80% owned by HyProMag Limited (42% Mkango), which is developing a similar sized recycling plant at Tyseley Energy Plant in the UK together with the University of Birmingham, with first production targeted for 2023
HyProMag GmbH is 20% owned by Professor Carlo Burkhardt of Pforzheim University, co-ordinator of the €14m SusMagPro (www.susmagpro.eu) and €13m REEsilience (www.reesilience.eu) EU funded recycling projects, with approximately 40 partners across the European supply chain
Rare earth magnet recycling and related downstream processes are core components of Mkango’s “mine, refine, recycle” strategy and the Company continues to evaluate further opportunities to grow the business in Europe, North America and Asia
LONDON and VANCOUVER, British Columbia, Nov. 23, 2022 (GLOBE NEWSWIRE) — Mkango Resources Ltd. (TSXV:MKA) (the “Company” or “Mkango”) is pleased to announce that HyProMag GmbH has been awarded grants totalling €3.7 million for a new project, entitled “Innovation Centre for Science & Economy Northern Black Forest IZWW” (the “Project”), comprising a €2.5 million grant from the European Regional Development Fund (ERDF) and a €1.2 million grant from the Ministry of Economic Affairs, Labour and Tourism Baden-Württemberg.
The total cost of the Project is expected to be €6.1 million, of which approximately 60% will be funded by the 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 first phase of the Project includes development of a production facility in Baden-Württemberg State with a minimum capacity of 100tpa NdFeB comprising recycled rare earth sintered magnets, alloy pellets and powders.
The initial production facility would be a similar size 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, an Industrial Strategy Challenge Fund challenge delivered by UK Research and Innovation (“UKRI”).
HyProMag GmbH was established to commercialise HPMS technology in Germany and EU, and to further support Government initiatives to strengthen European rare earth supply chains and accelerate the green transition, and the Project is a major milestone in fulfilment of this strategy.
William Dawes, Chief Executive of Mkango stated: “This is an exciting milestone for Mkango, HyProMag GmbH, HyProMag Limited, which significantly enhances the group’s production pipeline, targeting first production in the UK in 2023 and Germany in 2024, with North America developed in parallel. We envisage that the recycling of rare earth magnets will play a key role in the development of robust supply chains to catalyse and support growth in the electric vehicle sector and 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 very strong network of industry and academic partners.“
Professor Carlo Burkhardt, Director of HyProMag GmbH stated: “Setting up this …