CoTec Holdings Corp. (TSXV: CTH; OTCQB: CTHCF) (“CoTec”) and Mkango
Resources Ltd. (AIM/TSX-V: MKA) (“Mkango”) are pleased to announce
that Canada-based BBA USA Inc. (“BBA”) and US-based PegasusTSI Inc.
(“PegasusTSI”) have been engaged to complete the HyProMag USA, LLC
(“HyProMag USA”) bankable feasibility study (“Feasibility Study”)
to engineer and design its REE magnet recycling plants and a
production facility in the United States.
The Feasibility Study is expected to be
completed during H2 2024. HyProMag USA has the potential to supply
the United States with a sustainable, long term domestic supply of
neodymium/iron/boron (NdFeB) permanent magnets to enable the
creation of secure, low carbon and traceable rare-earth supply
chains.
Julian Treger, CoTec CEO
commented: “The Feasibility Study represents a significant
milestone towards the construction of commercial-scale magnet
recycling and production facilities in the United States. HyProMag
is supported by the Minerals Security Partnership1 which aims to
accelerate the development of secure, diverse and sustainable
supply chains for critical energy minerals. We are looking forward
to working with BBA and PegasusTSI to develop these facilities
using HyProMag’s considerable experience from the plants being
developed at Tyseley in the UK and in Germany following extensive
piloting at the University of Birmingham. As the Feasibility Study
progresses, HyProMag USA will be working and collaborating closely
with local, state and federal stakeholders.”
Will Dawes, Mkango CEO
commented: “We see the United States as a major growth
opportunity, underpinned by ongoing development of HyProMag’s
operations in the UK and Germany, and leveraging off HyProMag’s
competitive advantages in the rare earth magnet recycling sector –
the ability to cost effectively liberate magnets from end-of-life
scrap streams and to produce recycled rare earth magnets with a
significantly reduced carbon footprint.
“As a result, HyProMag is receiving strong
interest and numerous enquiries for recycled magnets and recycling
solutions, and is engaged in multiple discussions on potential
collaboration, with test work trials being completed for a number
of major multinational companies.
“We look forward to working with BBA,
PegasusTSI, HyProMag and CoTec to build a leading rare earth magnet
business in the United States and other jurisdictions.”
HyProMag USA plans to develop a low cost, low
carbon, sustainable rare earth magnet recycling and production
business underpinned by HyProMag Limited’s (“HyProMag”) patented
Hydrogen Processing of Magnet Scrap (“HPMS”) recycling technology.
HyProMag has sublicenced the HPMS technology to HyProMag USA, which
is 50:50 per cent owned by CoTec and Maginito.
The Feasibility Study will be based on a hub and
spoke model using three HPMS vessels and one magnet manufacturing
hub which will based in Texas (together the “US Project”). The
Feasibility Study will include the completion of detailed
engineering designs, as well as permitting and potential site
acquisition by the end of 2024, in line with the initial project
schedule, which targets initial revenue in 2025/2026. Environment
and permiting studies will be supported by US based Weston
Solutions, Inc.
Following completion of the Feasibility Study,
CoTec and Mkango will make a joint decision as to whether HyProMag
USA will proceed with the construction of the US Project. CoTec is
responsible for funding the Feasibility Study and the project
development costs. Funding provided by CoTec would be in the form
of shareholder loans to HyProMag USA.
In parallel, HyProMag USA has also started
working on securing US Government funding and strategic
partnerships for feed supply and recycled NdFeB magnet
offtake.
HyProMag is commercialising HPMS recycling
technology in the UK, Germany and United States. 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.
About Mkango Resources
Ltd.
Mkango is listed on the AIM and the TSX-V.
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.
Mkango aims to become a market leader in the
production of recycled rare earth magnets, alloys and oxides,
through its interest in Maginito, which is owned 79.4 per cent by
Mkango and 20.6 per cent by CoTec.
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, respectively, and a 100 per cent interest in Mkango Rare
Earths UK Ltd (“Mkango UK”), focused on long loop rare earth magnet
recycling in the UK via a chemical route.
It also owns the advanced stage Songwe Hill rare
earths project and an extensive rare earths, uranium, tantalum,
niobium, rutile, nickel and cobalt exploration portfolio in Malawi
and the Pulawy rare earths separation project in Poland.
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.
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 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”), the results of the Feasibility Study 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 DawesChief Executive Officerwill@mkango.caCanada: +1 403
444 5979www.mkango.ca@MkangoResources |
Alexander LemonPresidenalex@mkango.cat |
|
|
SP Angel Corporate Finance
LLPNominated Adviser and Joint BrokerJeff Keating,
Caroline Rowe, Kasia BrzozowskaUK: +44 20 3470 0470
Alternative Resource
CapitalJoint BrokerAlex Wood, Keith DowsingUK: +44 20 7186
9004/5
Tavistock CommunicationsPR/IR
AdviserJos Simson, Cath DrummondUK: +44 (0) 20 7920
3150mkango@tavistock.co.uk
For further information on CoTec, please
contract:
CoTec Holdings Corp.Braam
JonkerChief Financial Officerbraam.jonker@cotec.caCanada: +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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