Toronto-listed CoTec Holdings Corp says subsidiary HyProMag USA has moved into the Texas site that is expected to host its first neodymium iron boron (NdFeB) permanent magnet recycling facility.
HyProMag USA, examining a potential US public listing, is proposing a US$430 million, three-hub NdFeB magnet recycling-based supply plan centred on the 11,600 square metre Dallas-Fort Worth facility.
CoTec directly and indirectly controls more than 60% of HyProMag USA through its 50:50 partnership with UK-based HyProMag Limited and its 20.6% stake in HyProMag Limited.
A proposed US$142 million recycling plant in Dallas-Fort Worth is expected to use HyProMag Limited’s patented Hydrogen Processing of Magnet Scrap (HPMS) technology, developed by the company in England. It could produce more than 940 tonnes per annum of recycled sintered NdFeB magnets and 611tpa of associated NdFeB co-products supporting growing demand from sectors including artificial intelligence infrastructure, robotics, electric vehicles and advanced manufacturing.
CoTec has equity stakes in half a dozen mineral processing and metal recycling technology companies.
“Taking occupation of the Texas Hub is transformational for HyProMag USA,” said CoTec CEO Julian Treger.
“With the facility now under our control our focus is on advancing detailed engineering, securing long-lead equipment, expanding feedstock and offtake partnerships of what we believe will become a cornerstone of the domestic rare earth magnet supply chain.
“The facility is strategically located in the heart of the Dallas-Fort Worth innovation corridor with excellent access to transportation, logistics and critical infrastructure. We are excited to begin establishing our presence at the site and advancing the project toward construction and commissioning.”
HyProMag USA is also looking to establish feedstock pre-processing operations in South Carolina and Nevada.
