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Completion of £1.5 Million Investment by CoTec into Maginito Limited and Co-Operation Agreement Signed for Development of Rare Earth Technologies in The United States
Highlights CoTec invests £1.5 million (C$2.5 million) in Mkango's subsidiary, Maginit...
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[{"type":"text","content":"Completion of £1.5 Million Investment by CoTec into Maginito Limited and Co-Operation Agreement Signed for Development of Rare Earth Technologies in The United StatesHighlightsCoTec invests £1.5 million (C$2.5 million) in Mkango's subsidiary, Maginito Limited (\"Maginito\"), for a 10% equity interest and John Singleton, Chief Operating Officer of CoTec, has been appointed to the Board of MaginitoMaginito now uniquely positioned in complementary short loop and long loop technologies to recycle rare earth NdFeB magnets through its existing interests in HyProMag and HyProMag GmbH, as well as in Mkango subsidiary, Mkango UK, which has been transferred from Mkango to MaginitoMajor competitive advantages in the rare earth recycling sector:access to highly energy efficient, patented Hydrogen Processing of Magnet Scrap (\"HPMS\") technologycapability to manufacture rare earth magnets with a significantly reduced carbon footprintNear term production pipeline:short loop recycling plants to be commissioned in UK and Germany in 2023 and 2024, respectivelypilot plant for long loop recycling via chemical processing targeted for commissioning in 2023scoping and feasibility studies for USA and other regions proceeding in parallelMkango and CoTec will collaborate in the development of rare earth technology opportunities in the United States with ongoing scoping studies evaluating recycling, chemical processing, alloys and magnet manufacturingLONDON, UK and VANCOUVER, BC / ACCESSWIRE / March 16, 2023 / Mkango Resources Ltd. (AIM:MKA)(TSXV:MKA) (the \"Company\" or \"Mkango\") and CoTec Holdings Corp (TSXV:CTH) (\"CoTec\") are pleased to announce that they have closed the previously announced £1.5 million investment (the \"Investment\") by CoTec into Mkango's subsidiary, Maginito Limited (\"Maginito\"). In connection therewith, Maginito and CoTec have agreed to collaborate on the commercialisation of downstream rare earth technologies in the United States and Mkango Rare Earths UK Ltd (\"Mkango UK\") has been transferred to become a subsidiary of Maginito.Maginito now holds a 42% interest in HyProMag Limited (\"HyProMag\") focused on short loop rare earth magnet recycling in the UK, a 66.8% direct and indirect interest (assuming conversion of Maginito's recently announced convertible loan) in HyProMag GmbH, a company focused on short...