Business
HyProMag USA Receives "Make More in America" Domestic Finance Letter of Interest for up to US$92 Million From US EXIM Bank
LONDON, UK AND VANCOUVER, BC / ACCESS Newswire / June 12, 2025 / CoTec Holdings Corp. (TSXV:CT...
About this update from Cotec Holdings Corp
[{"type":"text","content":"HyProMag USA Receives \"Make More in America\" Domestic Finance Letter of Interest for up to US$92 Million From US EXIM BankLONDON, UK AND VANCOUVER, BC / ACCESS Newswire / June 12, 2025 / CoTec Holdings Corp. (TSXV:CTH)(OTCQB:CTHCF) (\"CoTec\") and Mkango Resources Ltd. (AIM:MKA)(TSXV:MKA) (\"Mkango\") are pleased to announce HyProMag USA, LLC, a Delaware corporation (\"HyProMag USA\" or the \"Project\") has received a Make More in America (MMIA) domestic finance letter of interest (\"LOI\") from the U.S. Export-Import (\"EXIM\") Bank for its first integrated rare earth recycling and magnet making facility in Dallas-Fort Worth, Texas.In terms of the letter, EXIM may be able to consider potential financing of up to $92 million of the project's costs with a repayment tenor of 10 years.Julian Treger, CoTec CEO commented: \"We are very pleased with EXIM's interest in the Project. The Project is strongly aligned with EXIM's \"Make More in America\" initiative, which provides beneficial financing terms for U.S. companies facing oversees competition to ensure the United States reshores certain critical export areas, including the domestic manufacturing of permanent NdFeB magnets. We believe that the Project could be a major contributor to the United States' targeted permanent magnet independence and the speed at which HyProMag USA's capabilities could be deployed distinguishes the Project from potential competitors.\"Will Dawes, Mkango CEO commented: \"The HyProMag USA development will be transformational for rare earth supply chains in the United States, and we are very pleased to see this reflected in the interest from EXIM. With the detailed engineering phase for the project well underway, HyProMag USA is well positioned to create a major new domestic hub for recycling and magnet manufacturing, and a platform for further growth in North America.\"The issuance of this LOI is aligned with Executive Order 2421 of March 20, 2025 \"Immediate Measures to Increase American Mineral Production\" which includes near-term actions to be determined and implemented by the agencies to fast-track permits, mobilize capital for mineral producers, and create offtake agreements for strategic stockpiling for minerals critical to the United States' defense, technology, and energy.HyProMag is commercializing Hydrogen Processing of Magnet Scrap (HPMS) rec...