Mkango's HyProMag USA to accelerate development of Texas magnet hub

(Sharecast News) - Mkango Resources said on Monday that HyProMag USA would accelerate development of its Texas rare earth magnet hub by commissioning initial neodymium-iron-boron magnet finishing equipment in the first half of 2027. The AIM-traded firm said the operation will initially process up to 20 tonnes of magnet blocks supplied from HyProMag facilities in the UK and Germany for US customers, allowing the company to begin customer qualification and sales ahead of fully integrated domestic recycling and manufacturing.

Commissioning of the hub's hydrogen processing of magnet scrap section is targeted for the second quarter of 2028, with initial annual capacity of about 400 tonnes of recycled sintered magnets and 278 tonnes of co-products.

The site is expected to ramp up in stages towards its previously announced annual capacity of around 1,526 tonnes of magnetic products, while long-lead equipment procurement, feedstock sourcing, offtake discussions and project financing work continue.

At 1139 BST, shares in Mkango Resources were down 4.78% at 37.38p.

Reporting by Josh White for Sharecast.com.

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