An announcement from Mkango Resources ( (TSE:MKA) ) is now available.
Mkango Resources Ltd. and CoTec Holdings Corp. have announced that HyProMag USA LLC will expand its U.S. permanent magnet recycling and manufacturing project by adding a third HPMS vessel and initiating concept studies for further expansion. This expansion aims to triple the project’s capacity and enhance the company’s ability to supply 10% of the U.S. domestic demand for NdFeB magnets within five years. The project is expected to support the U.S. strategy of reshoring manufacturing capabilities and reducing dependence on foreign magnets and rare earths. The expansion will also provide opportunities for producing a wider range of products and specialist magnets, improving financial returns and competitive positioning.
More about Mkango Resources
Mkango Resources Ltd. is focused on becoming a leader in the production of recycled rare earth magnets, alloys, and oxides, primarily through its interest in Maginito Limited. The company is also involved in developing sustainable sources of neodymium, praseodymium, dysprosium, and terbium to meet the growing demand from electric vehicles, wind turbines, and other clean energy technologies. Mkango holds interests in various projects, including the Songwe Hill rare earths project in Malawi and the Pulawy rare earths separation project in Poland.
YTD Price Performance: 24.53%
Average Trading Volume: 1,598,953
Technical Sentiment Consensus Rating: Sell
Current Market Cap: £35.09M
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