TIDMMKA
RNS Number : 3980Y
Mkango Resources Limited
03 January 2024
MKANGO RESOURCES LTD. COTEC HOLDINGS CORP.
550 Burrard Street 755 Burrard Street
Suite 2900 Suite 428
Vancouver Vancouver
BC V6C 0A3 V6Z 1X6
Canada Canada
MKANGO SUBSIDIARY MAGINITO AND COTEC FORM HYPROMAG USA JOINT
VENTURE AND COMMENCE PROCESS TO APPOINT EPCM PROVIDER FOR THE
FEASIBILITY STUDY
London / Vancouver: January 3, 2024 - CoTec Holdings Corp.
(TSXV: CTH; OTCQB: CTHCF) ("CoTec") and Mkango Resources Ltd.
(AIM/TSX-V: MKA) ("Mkango") are pleased to announce that CoTec and
Maginito Limited ("Maginito") have formed a 50/50 joint venture
entity which will roll out HyProMag Limited's ("HyProMag") Hydrogen
Processing of Magnet Scrap ("HPMS") recycling technology into the
United States. The newly formed joint venture company, HyProMag
USA, LLC ("HyProMag USA" or the "Joint Venture"), plans to develop
a low cost, low carbon, sustainable rare earth magnet recycling and
production business underpinned by HPMS. HyProMag has sublicenced
the HPMS technology to HyProMag USA.
HyProMag is 100 per cent owned by Maginito, which is owned on a
79.4/20.6 per cent basis by Mkango and CoTec, and is
commercialising rare earth magnet recycling in the UK, Germany and
United States. Revenue from the Joint Venture is targeted for
2025/2026.
HyProMag USA will initially focus on completing a bankable
feasibility study ("Feasibility Study") through a hub and spoke
model using three HPMS vessels and one magnet manufacturing hub
(together the "US Project").
The Joint Venture has recently initiated a "Request for
Proposal" process from leading Engineering, Procurement and
Construction Management ("EPCM") providers and has ordered three
HPMS reactors to expedite the development of the US Project.
Following completion of the Feasibility Study, CoTec and Mkango
will make a joint decision as to whether the Joint Venture will
proceed with the construction of the US Project.
Julian Treger, CoTec CEO commented: "HyProMag is supported by
the Minerals Security Partnership [1] and we are looking forward to
working with leading EPCM providers to design and build these
facilities using HyProMag's considerable experience from the plants
being developed in the UK and in Germany. CoTec and Mkango are
focused on delivery and will be exploring US Government funding and
strategic partnerships for feed supply and rare earth element
("REE") magnet offtake in the first half of 2024.
"We look forward to working and collaborating with local, state
and federal stakeholders targeting the completion of the
feasibility study" .
Will Dawes, Mkango CEO commented: "We see the United States as a
core component of our growth strategy and look forward to
progressing the US feasibility study over the course of the year,
in parallel with further development of operations in the UK,
Germany and other jurisdictions.
HyProMag's recycling technology has major competitive advantages
versus other recycling technologies and is a key enabler for cost
effective and energy efficient separation, recycling and production
of rare earth magnets with a significantly reduced carbon
footprint. We are receiving strong interest for recycled magnets
from potential customers and for recycling solutions from original
equipment manufacturers ("OEMs"), and automotive and recycling
companies."
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
Maginito
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.
About Mkango Resources Ltd.
Mkango's corporate strategy is to develop new sustainable
sources of neodymium, praseodymium, dysprosium and terbium to
supply accelerating demand from electric vehicles, wind turbines
and other clean technologies. In parallel with development of its
mining assets, Mkango plans to become a market leader in the
production of recycled rare earth magnets and alloys via its
interest in Maginito. 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.
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
About CoTec Holdings Corp.
CoTec is a publicly traded investment issuer listed on the
Toronto Venture Stock Exchange ("TSX- V") and the OTCQB and trades
under the symbol CTH and CTHCF respectively. CoTec is an
environment, social, and governance ("ESG")-focused company
investing in innovative technologies that have the potential to
fundamentally change the way metals and minerals can be extracted
and processed for the purpose of applying those technologies to
undervalued operating assets and recycling opportunities, as it
transitions into a mid-tier mineral resource producer.
CoTec is committed to supporting the transition to a lower
carbon future for the extraction industry, a sector on the cusp of
a green revolution as it embraces technology and innovation. It has
made four investments to date and is actively pursuing operating
opportunities where current technology investments could be
deployed.
For more information, please visit www.cotec.ca .
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 and CoTec. Generally, forward looking statements
can be identified by the use of words such as "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 successful conclusion of the MDA, the
availability of (or delays in obtaining) financing to develop
Songwe Hill, the Recycling Plants being developed by Maginito in
the UK, Germany and the US (the "Maginito Recycling Plants"), and
the Pulawy Separation Plant, 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 Maginito's
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 Maginito Recycling
Plants, and the Pulawy Separation Plant and future investments in
the United States pursuant to the proposed 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 and CoTec disclaim 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 and
CoTec undertake 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
For further information on CoTec, please contract:
CoTec Holdings Corp.
Braam Jonker
Chief Financial Officer
braam.jonker@cotec.ca
Canada: +1 604 992-5600
The TSX Venture Exchange has neither approved nor disapproved
the contents of this press release. Neither the TSX Venture
Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy any equity or other securities of
the Company in the United States. The securities of the Company
will not be registered under the United States Securities Act of
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
registration requirements of the U.S. Securities Act.
[1]
https://www.state.gov/joint-statement-on-the-minerals-security-partnership-announce-support-for-mining-processing-and-recycling-projects/).
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END
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January 03, 2024 02:00 ET (07:00 GMT)
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