- CoTec Holdings Corp. (CTHCF, Financial) and Mkango Resources appoint PegasusTSI and BBA for EPCM services in Texas.
- HyProMag USA to produce 750 metric tons of recycled NdFeB magnets annually by 2027.
- Project aims to meet 10% of U.S. demand for NdFeB magnets with a low CO2 footprint.
CoTec Holdings Corp. (CTHCF) and Mkango Resources have announced that PegasusTSI and BBA have been selected as the lead engineers for HyProMag USA's rare earth magnet recycling project in Dallas-Fort Worth, Texas. This appointment is a significant step for the HyProMag USA project, which aims to produce recycled NdFeB magnets.
The project's feasibility study reveals a net present value (NPV) of US$262 million at current prices and US$503 million at forecast prices. The 24-month project targets the first revenue generation in the first half of 2027, intending to address 10% of the U.S. domestic demand for NdFeB magnets within five years.
The planned facility will produce 750 metric tons of recycled sintered NdFeB magnets and 807 metric tons of associated co-products annually, with a total projected operating life of 40 years. The production hub will also create 90-100 skilled manufacturing jobs, contributing to local employment.
CoTec and Mkango are committed to a low environmental impact, emphasizing the project's exceptionally low CO2 footprint of 2.35 kg CO2 eq. per kg of product. HyProMag USA is poised to become a reliable domestic supplier of these critical components, significantly reducing reliance on foreign sources.
The joint venture HyProMag USA is equally owned by CoTec and HyProMag, with the latter wholly owned by Maginito, which has a stake of 79.4% by Mkango and 20.6% by CoTec.
