TIDMMKA
RNS Number : 4010W
Mkango Resources Limited
12 December 2023
MKANGO RESOURCES LTD.
550 Burrard Street
Suite 2900
Vancouver
BC V6C 0A3
Canada
FIRST PRODUCTION OF RECYCLED MAGNETS AT TYSELEY ENERGY PARK IN
BIRMINGHAM, UK
MAJOR MILESTONE FOR HYPROMAG
London / Vancouver: December 12, 2023 - Mkango Resources Ltd.
(AIM/TSX-V: MKA) (the "Company" or "Mkango") is pleased to announce
the f irst production of recycled rare earth magnets in the United
Kingdom on commercial scale magnet manufacturing equipment in over
20 years, a major milestone in securing critical raw materials for
the energy transition.
HIGHLIGHTS:
-- First production runs of short-loop recycled rare earth
magnets completed at the Tyseley Energy Park ("Tyseley") rare
earths hub in Birmingham, UK - commercial production targeted for
mid-2024
-- First UK production of sintered rare earth magnets on
commercial scale equipment in over 20 years - new domestic source
to catalyse electric vehicle, wind turbine and other clean
technology industries
-- Tyseley scale-up underpinned by successful piloting at
University of Birmingham with over 3,000 finished rare earth
magnets produced from piloting to date
-- Strong interest for recycled magnets from potential customers
and for recycling solutions from original equipment manufacturers
("OEMs"), and automotive and recycling companies
-- Hydrogen Processing of Magnet Scrap ("HPMS") technology being
commercialised by HyProMag is far cleaner and more energy efficient
than traditional magnet recycling processes
-- HyProMag w as selected by the Minerals Security Partnership
("MSP") for support as one of its key projects given its strong
potential to contribute towards the development of responsible
critical mineral supply chains
Production of recycled rare earth magnets at Tyseley is being
developed by the University of Birmingham and HyProMag, which is
owned by Mkango's 79.4% held subsidiary, Maginito Limited
("Maginito"). Further production runs are planned in the coming
weeks to provide customer and project partner samples.
Commercial production at Tyseley is targeted for mid-2024, with
initial throughput targeted at 20 tonnes per annum ("tpa") rare
earth magnets and alloys, scaling up to a minimum of 100tpa in
subsequent months. Larger scale up scenarios of up to 1,000tpa are
currently being evaluated.
HyProMag is the main industrial partner for the Tyseley
development and the exclusive licencee for underlying HPMS
technology, developed at the University of Birmingham and now being
commercialised by HyProMag. HPMS is a revolutionary new recycling
technology that preserves the quality of the original magnets for
reprocessing; a far cleaner and more energy efficient process than
the traditional dismantling, thermal demagnetisation and cleaning
processes and lends itself to automated and efficient processing.
The resulting recycled magnets are being made to recognised
industrial grades.
The Tyseley development forms the basis for the 2024 development
of magnet recycling and manufacture in Germany by HyProMag GmbH and
for the 2025/2026 development of a multi-spoke and hub operation in
the United States through the joint venture with CoTec Holdings Ltd
("CoTec").
Commissioning of the remaining equipment and infrastructure at
Tyseley is expected in the coming weeks, underpinning the
subsequent transition to commercial production. For these initial
production runs, the recycled raw material feed was derived from
wind turbine magnets, voice coil assemblies from hard disk drives
and production scrap which was processed through the existing
recycling pilot plant commissioned in 2022 at the University of
Birmingham, and then transported for short loop magnet manufacture
at Tyseley.
Will Dawes, Chief Executive of Mkango said : "This is a major
milestone for the Company, HyProMag and for the UK, creating a
strong platform to advance to commercial production and for the
scale-up and roll-out of HPMS technology into Germany, United
States and other jurisdictions. HyProMag's recycling technology has
major competitive advantages versus other recycling technologies,
and is a key enabler for the cost effective and energy efficient
separation and recycling of rare earth magnets, avoiding the need
for dismantling, and enabling the production of magnets with a
significantly reduced carbon footprint."
Nick Mann, Operations General Manager of HyProMag said:
"Beginning production on commercial scale equipment is very
exciting for all of us at HyProMag. We are receiving strong market
interest to begin delivering recycled magnets to customers at scale
- being able to start that over the coming months will be extremely
positive. We also look forward to implementing the lessons learned
as we see equipment arriving in Germany next year and in the USA
soon afterwards."
Professor Allan Walton, Head of the Magnetic Materials Group,
University of Birmingham, and founding Director of HyProMag said:
"A huge amount of work has been carried out over the last year on
the existing pilot plant at the University of Birmingham to produce
a spectrum of NdFeB magnets with a range of magnetic grades. This
has allowed us to test recycled magnets in a range of products for
the first time with extremely encouraging results. The installation
of the new equipment at Tyseley Energy Park has allowed us to prove
that these properties can be achieved on a commercial scale for the
first time on automated equipment. This is a massive step forward
and re-introduces commercial sintered magnet manufacturing back
into the UK for the first time in over 20 years".
HyProMag is receiving strong interest for recycled magnets from
potential customers, underpinning the transition to commercial
operations, and for recycling solutions from original equipment
manufacturers ("OEMs"), and automotive and recycling companies
looking for a low cost and energy efficient circular solution for
magnet recycling that does not require dismantling - HyProMag's
patented HPMS technology provides the solution.
The magnets produced at Tyseley were of commercial grade,
featuring a square loop with good coercivity (resistance to
demagnetisation) and remanence (magnetic strength), which are key
measures of magnetic performance.
Apart from providing feed during the commissioning phase of the
Tyseley development, the pilot plant at the University of
Birmingham has enabled the testing of a broad variety of scrap
streams and the production of a wide range of products since its
commissioning in 2022, generating operating information to support
the scale-up and commercialisation of operations. Furthermore, over
3,000 finished rare earth magnets have been produced to date by
HyProMag and the University of Birmingham from recycled HPMS powder
produced for project partners and potential customers from the
pilot scale equipment. These magnets are being tested in a wide
range of applications including multiple automotive, aerospace,
electronics applications, and others planned, providing valuable
marketing and technical information to further support the scale-up
and commercialisation of operations.
Apart from the production of finished magnets, the University of
Birmingham pilot plant has also produced alloys for remelt testing
and chemical processing, maximising the flexibility of the product
suite and the ability to process different scrap streams. Mkango is
also developing a further pilot plant at Tyseley for long loop
recycling via a chemical process, which complements the HyProMag
short loop recycling process and will also be commissioned in the
coming weeks. Material for chemical processing, including swarf (
the powder produced from grinding and finishing magnets ), will
either be processed in-house by Mkango, or in partnership with
third parties.
About HyProMag
HyProMag ( www.hypromag.com ) is 100 per cent owned by Maginito
Limited, which is owned on a 79.4/20.6 basis by Mkango and CoTec.
HyProMag is commercialising rare earth magnet recycling using
Hydrogen Processing of Magnet Scrap ("HPMS") technology in the UK,
Germany and United States, with first production in the UK this
year, Germany in 2024 and the United States in 2025/2026.
HPMS technology was developed at the University of Birmingham,
underpinned by approximately US$100 million 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. HyProMag's company presentation can be viewed via the
following link: HyProMag Corporate Presentation
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 by the MSP because the MSP
determined its strong potential to contribute towards 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.
Having commissioned the UK's first rare earth magnet recycling
pilot plant at the University of Birmingham in 2022, as featured on
BBC Midlands News: https://youtu.be/9P-dsNCffWw?si=pQQeLDv0zV8kdnbM
, alongside the UK's only facility to make sintered rare earth
magnets, HyProMag, together with the University of Birmingham, are
developing a large-scale recycling and magnet manufacturing plant
at Tyseley Energy Park, Birmingham. This GBP4.3 million (C$7.3
million) project is being funded by Driving the Electric
Revolution, an Industrial Strategy Challenge Fund challenge
delivered by UK Research and Innovation ("UKRI").
About Mkango Resources Ltd.
Mkango's corporate strategy is to develop new sustainable
primary and secondary sources of neodymium, praseodymium,
dysprosium and terbium to supply accelerating demand from electric
vehicles, wind turbines and other clean technologies. This
integrated Mine, Refine, Recycle strategy differentiates Mkango
from its peers, uniquely positioning the Company in the rare earths
sector. Mkango is listed on the AIM and the TSX-V.
Mkango is developing its flagship Songwe Hill rare earths
project ("Songwe") in Malawi with a Definitive Feasibility Study
completed in July 2022 and an Environmental, Social and Health
Impact Assessment approved by the Government of Malawi in January
2023. Discussions regarding the Mine Development Agreement ("MDA")
for Songwe Hill are ongoing with the Government of Malawi.
In parallel, Mkango and Grupa Azoty PULAWY, Poland's leading
chemical manufacturer have agreed to work together towards
development of a rare earth separation plant at Pulawy in Poland
(the "Pulawy Separation Plant") to process the purified mixed rare
earth carbonate produced at Songwe Hill.
Through its ownership of Maginito ( www.maginito.com ), Mkango
is also developing green technology opportunities in the rare
earths supply chain, encompassing neodymium (NdFeB) magnet
recycling as well as innovative rare earth alloy, magnet, and
separation technologies. Maginito is owned 79.4 per cent by Mkango
and 20.6 per cent by CoTec. It is focused on developing green
technology opportunities in the rare earths supply chain,
encompassing neodymium (NdFeB) magnet recycling as well as
innovative rare earth alloy, magnet, and separation
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 UK and Germany, and a 100
per cent interest in Mkango Rare Earths UK Ltd ("Mkango UK"), a
company focused on long loop rare earth magnet recycling in the UK
via a chemical route. CoTec and Maginito have also agreed to form a
50:50 joint venture in relation to the roll-out of rare earth
magnet recycling into the United States, with feasibility study and
development costs funded by CoTec.
Mkango also has an extensive exploration portfolio in Malawi,
including the Mchinji rutile exploration project, the Thambani
uranium-tantalum-niobium-zircon project and Chimimbe nickel-cobalt
project.
For more information, please visit www.mkango.ca
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has
been incorporated into UK law by the European Union (Withdrawal)
Act 2018. Upon the publication of this announcement via Regulatory
Information Service, this inside information is now considered to
be in the public domain.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements (within
the meaning of that term under applicable securities laws) with
respect to Mkango. Generally, forward looking statements can be
identified by the use of words such as "targeted", "plans",
"expects" or "is expected to", "scheduled", "estimates" "intends",
"anticipates", "believes", or variations of such words and phrases,
or statements that certain actions, events or results "can", "may",
"could", "would", "should", "might" or "will", occur or be
achieved, or the negative connotations thereof. Readers are
cautioned not to place undue reliance on forward-looking
statements, as there can be no assurance that the plans, intentions
or expectations upon which they are based will occur. By their
nature, forward-looking statements involve numerous assumptions,
known and unknown risks and uncertainties, both general and
specific, that contribute to the possibility that the predictions,
forecasts, projections and other forward-looking statements will
not occur, which may cause actual performance and results in future
periods to differ materially from any estimates or projections of
future performance or results expressed or implied by such
forward-looking statements. Such factors and risks include, without
limiting the foregoing, the availability of (or delays in
obtaining) financing to develop Songwe Hill, and the various
recycling palnts in the UK, Germany and the US as well as the
separation plant in Poland, governmental action and other market
effects on global demand and pricing for the metals and associated
downstream products for which Mkango is exploring, researching and
developing, geological, technical and regulatory matters relating
to the development of Songwe Hill, the ability to scale the HPMS
and chemical recycling technologies to commercial scale,
competitors having greater financial capability and effective
competing technologies in the recycling and separation business of
Maginito and Mkango, availability of scrap supplies for recycling
activities, government regulation (including the impact of
environmental and other regulations) on and the economics in
relation to recycling and the development of the various recycling
and separation plants of Mkango and Maginito and future investments
in the United States pursuant to the cooperation agreement between
Maginito and CoTec, the outcome and timing of the completion of the
feasibility studies, cost overruns, complexities in building and
operating the plants, and the positive results of feasibility
studies on the various proposed aspects of Mkango's, Maginito's and
CoTec's activities. The forward-looking statements contained in
this news release are made as of the date of this news release.
Except as required by law, the Company disclaims any intention and
assume no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by applicable law. Additionally,
the Company undertakes no obligation to comment on the expectations
of, or statements made by, third parties in respect of the matters
discussed above.
For further information on Mkango, please contact:
Mkango Resources Limited
William Dawes Alexander Lemon
Chief Executive Officer President
will@mkango.ca alex@mkango.ca
Canada: +1 403 444 5979
www.mkango.ca
@MkangoResources
SP Angel Corporate Finance LLP
Nominated Adviser and Joint Broker
Jeff Keating, Kasia Brzozowska
UK: +44 20 3470 0470
Alternative Resource Capital
Joint Broker
Alex Wood, Keith Dowsing
UK: +44 20 7186 9004/5
Tavistock Communications
PR/IR Adviser
Jos Simson, Cath Drummond
UK: +44 (0) 20 7920 3150
mkango@tavistock.co.uk
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1933, as amended (the "U.S. Securities Act") and may not be offered
or sold within the United States to, or for the account or benefit
of, U.S. persons except in certain transactions exempt from the
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