HyProMag’s Rare Earth Magnet Recycling Technology Selected as a Minerals Security Partnership Project

LONDON and VANCOUVER, British Columbia, Oct. 11, 2023 (GLOBE NEWSWIRE) -- Mkango Resources Ltd. (AIM/TSX-V: MKA) (“Mkango”) and CoTec Holdings Corp. (TSXV: CTH; OTCQB: CTHCF) (“CoTec”) are pleased to announce that HyProMag Ltd’s (“HyProMag”) rare earth magnet recycling technology has been 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.

Partner governments includes the United Kingdom, the United States, Australia, Canada, Finland, France, Germany, Japan, India, the Republic of Korea, Norway, Sweden and the European Union.

The MSP promotes responsible growth across the critical minerals sector via a shared commitment to high environmental, social, and governance (“ESG”) standards, sustainability and shared prosperity. The MSP partner governments regard the further development of responsible and resilient supply chains to be critically important for an equitable and sustainable energy transition.

As MSP announced today, the MSP is committed to leveraging the collective financial and diplomatic resources of its 14 partners by deepening collaboration between governments, project developers and investors to drive responsible investment in critical minerals projects.

HyProMag utilises hydrogen to recycle rare earth magnets vital for the global energy transition by liberating them from end-of-life scrap.

MSP UK Government announcement

Julian Treger, CoTec CEO commented: “This exciting development is a strong validation of HyProMag’s REE recycling technology and further demonstrates its attractiveness and potential, both from a strategic and commercial perspective.”

“CoTec’s strategy is to align its technologies and assets with the UN Sustainable Development Goals and its involvement with HyProMag is just one example of how we strive to achieve this goal. CoTec and Mkango are looking forward to working with the MSP to expedite the roll out of the technology. The MSP provides a key platform from which strategically aligned governments and companies can commercialise new proven technologies as part of the energy transition towards a low carbon and sustainable future”.