HyProMag to Participate in Innovative Project to Develop the UK’s First Circular Supply Chain for Wind Turbine Rare Earth Magnets

HIGHLIGHTS:

• HyProMag to participate in grant funded project with European Metal Recycling Limited (EMR), the Offshore Renewable Energy (ORE) Catapult, Magnomatics and University of Birmingham
• Re-RE Wind aims to establish the UK’s first circular supply chain for rare earth magnets used in wind turbines:
  • sustainable and safe decommissioning of wind turbine nacelles;
  • applications in a new custom-designed generator;
  • design for recycling; and
  • life cycle and technoeconomic assessment.

• The first generation of wind turbines are now nearing their end-of-life, and the Project aims to catalyse a low-carbon decommissioning programme, unlocking a new domestic source of rare earths for the UK

• The Project further cements HyProMag’s position as the UK’s leading rare earth magnet recycler and underpins plans for scale-up of recycling and magnet manufacturing in the UK

LONDON and VANCOUVER, British Columbia, Sept. 12, 2023 (GLOBE NEWSWIRE) -- Mkango Resources Ltd. (AIM/TSX-V: MKA) (the “Company” or “Mkango”) is pleased to announce that HyProMag Limited (“HyProMag”) is collaborating with EMR, the Offshore Renewable Energy (ORE) Catapult, Magnomatics and University of Birmingham in a £1.5 million project, Re-RE Wind (“Re-RE Wind” or the “Project”), of which £1.0 million or 67% will be funded by Innovate UK’s circular critical materials supply chains (CLIMATES) programme. The budget for HyProMag’s portion of the Project is circa £350,000 of which 70% will be funded by the grant. The grant is subject to signature of a collaboration agreement between the parties.

William Dawes, Chief Executive of Mkango, stated: “This Project further cements Mkango’s and HyProMag’s early mover advantage in the rare earth magnet recycling sector, highlighting its competitive position and strong network of leading industry and academic partners. We look forward to continuing to support HyProMag as it scales up HPMS (Hydrogen Processing of Magnet Scrap) and rolls-out the technology internationally.”

Nick Mann, Operations General Manager of HyProMag, stated: “We are very excited about this innovative project and the opportunity to further develop the UK supply chain for rare earth magnet recycling with the support of Innovate UK and an excellent consortium of project partners.

“Re-RE Wind will address the hurdles for recycling of permanent magnets from wind turbines, effectively unlocking a new domestic source of rare earths. It further underpins the scale-up of HyProMag’s operations in the UK, whilst complementing other Innovate UK supported projects focused on different scrap streams, such as electronic waste and electric vehicle motors, in which HyProMag is participating.”