First production of recycled rare earth alloy from a new high-tech plant in Birmingham, England, has been described as a major step forward for local and international rare earth supply chains.
The HyProMag Hydrogen Processing of Magnet Scrap, or HPMS, vessel at Tyseley Energy Park is the UK’s only sintered rare earth magnet manufacturing facility.
The technology, a patented hydrogen process that can extract neodymium, iron, boron and other materials from recycled magnets using about 90% less energy than conventional methods, took more than 15 years and circa-US$100 million to develop.
It is being commercialised by UK-based HyProMag Ltd, owned through Maginito by Mkango Resources (79.4%) and Canada’s CoTec Holdings (20.6%). HyProMag and CoTec also have a 50-50 US venture, HyProMag USA, which is aiming to commission an integrated rare earth magnet recycling and manufacturing facility in Texas in 2027.
“We are delighted to see Mkango and HyProMag achieving this significant milestone and we extend our congratulations to all involved, including the teams at the University of Birmingham and Tyseley Energy Park,” CoTec CEO Julian Treger said.
“This first production of recycled rare earth alloy is a critical step in validating HPMS technology at scale and sends a powerful signal for what is to come in the United States.
“The successful start-up at Tyseley bodes very well for our HyProMag USA joint venture as we continue advancing detailed engineering and move toward building a secure, domestic rare earth magnet supply chain in North America.”
Toronto-listed CoTec, owned 49% by Treger, has a portfolio of six mineral extraction technology investments, plus rare earths, iron ore and copper assets where it aims to apply the technologies.
Treger is looking for further disruptive technologies, focusing on recycling, waste mining and other scalable opportunities he believes can accelerate production of key minerals, lower the environmental impact and capital intensity of metal production units and generate fast revenue.
CoTec is raising C$14 million through share placements at 78c. The company’s share price has climbed about 47% year-to-date, giving it a current market value around $74 million.
CoTec said last month it had received a Make More in America (MMIA) domestic finance letter of interest from the US Export-Import (EXIM) Bank for up to US$92 million of potential financing for the Texas HyProMag facility.
