EastCoal ( (TSE:CTH) ) just unveiled an update.
HyProMag USA, a project under CoTec Holdings and Mkango Resources, is expanding its U.S. permanent magnet recycling and manufacturing project to include three HPMS vessels and is initiating concept studies for further expansion. This expansion aims to triple the project’s capacity and support the U.S. strategy of reshoring manufacturing capabilities, potentially supplying 10% of domestic demand for NdFeB magnets within five years. The project is expected to yield significant economic benefits, with a potential increase in net present value and the flexibility to produce a wider range of products, enhancing the company’s competitive positioning.
More about EastCoal
EastCoal is involved in the recycling and manufacturing industry, focusing on the production of NdFeB magnets. The company is working on expanding its operations to meet a significant portion of U.S. domestic demand for these magnets, with a market focus on reducing dependency on foreign sources.
YTD Price Performance: -9.38%
Average Trading Volume: 10,400
Technical Sentiment Consensus Rating: Hold
Current Market Cap: C$41.19M
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