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CoTec Holdings Corp. Announces First Production Of Recycled Rare Earth Magnets For Hypromag UK
VANCOUVER, BC / ACCESSWIRE / December 12, 2023 / CoTec Holdings Corp. (TSXV:CTH)(OTCQB:CTHCF) ("...
About this update from Cotec Holdings Corp
[{"type":"text","content":"CoTec Holdings Corp. Announces First Production Of Recycled Rare Earth Magnets For Hypromag UKVANCOUVER, BC / ACCESSWIRE / December 12, 2023 / CoTec Holdings Corp. (TSXV:CTH)(OTCQB:CTHCF) (\"CoTec\" or the \"Company\") is pleased to announce first production of recycled rare earth magnets in the United Kingdom (\"UK\") by its 20.6 per cent investee Maginito Limited (\"Maginito\").The production run was completed by Maginito's wholly owned subsidiary HyProMag Limited (\"HyProMag\") in collaboration with the University of Birmingham at Tyseley Energy Park (\"Tyseley\") in the UK. Further production runs are planned in the coming weeks to provide customer and project partner samples. Commercial production at Tyseley is targeted for mid-2024, with initial throughput targeted at 20 tonnes per year (\"tpa\") of rare earth magnets and alloys, scaling up to a minimum of 100tpa in subsequent months. Larger scale up scenarios of up to 1,000tpa are currently being evaluated.HyProMag is the main industrial partner for the Tyseley large scale recycling plant and the exclusive licensee for underlying HPMS technology, developed at the University of Birmingham and now being commercialized by HyProMag.The Tyseley plant forms the basis for the 2024 development of magnet recycling and manufacture in Germany by HyProMag GmbH and for the feasibility study of a multi-spoke and hub operation in the United States through the joint venture between CoTec and Maginito.The Tyseley production scale-up is underpinned by the successful piloting operation, which was commissioned in 2022 at the University of Birmingham with over 3,000 finished rare earth magnets produced from piloting to date.Julian Treger, CoTec CEO commented; \"This has been a critical milestone for the HyProMag team, and we are delighted by the success they have achieved. The HyProMag technology could play a vital role in the future rare earth elements independence of the West. CoTec will endeavour to be on the forefront of this development through its support of HyProMag's efforts in the UK and Germany and through its joint venture with Maginito in relation to the United States.\"\"We are looking forward to working with the HyProMag team in the New Year as we focus on the roll-out of their technology in the United States.\"About CoTecCoTec is a publicly traded investment issuer listed on th...