HyProMag USA Expands Engineering Phase for Magnet Recycling Project

CoTec Holdings Corp. and Mkango Resources Ltd. announce that HyProMag USA is expanding its engineering phase to include three HPMS vessels for its magnet recycling project. The expansion also includes conceptual studies for tripling the project's capacity across sites in Texas, South Carolina, and Nevada. The project aims to supply 10% of the U.S. demand for NdFeB magnets within five years.

The feasibility study from November 2024 indicated an NPV7% of $262 million for two HPMS vessels. The inclusion of a third vessel, at an additional cost of approximately $7 million, raises the NPV7% to $279 million currently, and $593 million based on forecast prices. The expansion will support reshoring U.S. manufacturing and offer enhanced production capability.