TIDMMKA
RNS Number : 8286P
Mkango Resources Limited
11 October 2023
MKANGO RESOURCES LTD. COTEC HOLDINGS CORP.
550 Burrard Street 755 Burrard Street
Suite 2900 Suite 428
Vancouver Vancouver
BC V6C 0A3 V6Z 1X6
Canada Canada
HYPROMAG'S RARE EARTH MAGNET RECYCLING TECHNOLOGY SELECTED
AS A MINERALS SECURITY PARTNERSHIP PROJECT
London / Vancouver: October 11, 2023 - Mkango Resources Ltd.
(AIM/TSX-V: MKA) ("Mkango") and CoTec Holdings Corp. (TSXV: CTH;
OTCQB: CTHCF) ("CoTec") are pleased to announce that HyProMag Ltd's
("HyProMag") rare earth magnet recycling technology has been
selected by the Minerals Security Partnership ("MSP") for support
as one of its key projects. The technology was selected by the MSP
because the MSP determined its strong potential to contribute
towards the development of responsible critical mineral supply
chains.
The MSP was formed in 2022 by 14 governments and aims to ensure
adequate supplies of minerals such as rare earths to meet net
zero-carbon goals. It aims to support public and private sector
investments building diverse, secure, and responsible global
critical minerals supply chains.
Partner governments includes the United Kingdom, the United
States, Australia, Canada, Finland, France, Germany, Japan, India,
the Republic of Korea, Norway, Sweden and the European Union .
The MSP promotes responsible growth across the critical minerals
sector via a shared commitment to high environmental, social, and
governance ("ESG") standards, sustainability and shared prosperity.
The MSP partner governments regard the further development of
responsible and resilient supply chains to be critically important
for an equitable and sustainable energy transition.
As MSP announced today, the MSP is committed to leveraging the
collective financial and diplomatic resources of its 14 partners by
deepening collaboration between governments, project developers and
investors to drive responsible investment in critical minerals
projects.
HyProMag utilises hydrogen to recycle rare earth magnets vital
for the global energy transition by liberating them from
end-of-life scrap.
MSP UK Government announcement
Julian Treger, CoTec CEO commented : "This exciting development
is a strong validation of HyProMag's REE recycling technology and
further demonstrates its attractiveness and potential, both from a
strategic and commercial perspective."
"CoTec's strategy is to align its technologies and assets with
the UN Sustainable Development Goals and its involvement with
HyProMag is just one example of how we strive to achieve this goal.
CoTec and Mkango are looking forward to working with the MSP to
expedite the roll out of the technology. The MSP provides a key
platform from which strategically aligned governments and companies
can commercialise new proven technologies as part of the energy
transition towards a low carbon and sustainable future".
Will Dawes, Mkango CEO commented ; "HyProMag is one of only 17
projects selected across the entire critical minerals sector to
receive support from the MSP.
"We see this as a significant endorsement of the technology,
which can make a substantial impact in unlocking the supply chain
for rare earth magnet recycling from end-of-life products and
enabling the production of rare earth alloys and magnets with a
significantly reduced carbon footprint."
HyProMag
HyProMag Ltd is commercialising rare earth magnet recycling
using Hydrogen Processing of Magnet Scrap (HPMS) technology, which
can liberate and recycle magnets from end-of-life scrap.
HPMS technology was developed at the University of Birmingham,
underpinned by approximately US$100 million of research and
development funding, and has major competitive advantages versus
other rare earth magnet recycling technologies, which are largely
focused on chemical processes but do not solve the challenges of
liberating magnets from end-of-life scrap streams - HPMS provides
the solution. HyProMag's company presentation can be viewed via the
following link: HyProMag Corporate Presentation
Having commissioned the UK's first rare earth magnet recycling
pilot plant at the University of Birmingham in 2022, alongside the
UK's only facility to make sintered rare earth magnets, HyProMag,
together with the University of Birmingham, are developing a
large-scale recycling plant at Tyseley Energy Park, Birmingham,
with first production by the end of this year and supported with
funding from UK Research and Innovation. Investment from Mkango
Resources in 2020 helped scale-up and catalyse international growth
initiatives, including in Germany, where HyProMag has established a
sister company, HyProMag GmbH, and in the U.S. through a new
Maginito-CoTec 50:50 joint venture company, with evaluation of
other jurisdictions underway. Maginito (79.4% Mkango; 20.6% CoTec)
acquired HyProMag in 2023.
In line with MSP's commitment to recycling and reuse, the
development of new sources of recycled rare earths can accelerate
development of sustainable and competitive rare earth magnet
production.
Maginito
Maginito is a UK based Company owned 79.4 per cent by Mkango and
20.6 per cent by CoTec. It is focused on developing green
technology opportunities in the rare earths supply chain,
encompassing neodymium (NdFeB) magnet recycling as well as
innovative rare earth alloy, magnet, and separation
technologies.
Maginito holds a 100 per cent interest in HyProMag and a 90 per
cent direct and indirect interest (assuming conversion of
Maginito's convertible loan) in HyProMag GmbH, focused on short
loop rare earth magnet recycling in the UK and Germany, and a 100
per cent interest in Mkango Rare Earths UK Ltd ("Mkango UK"), a
company focused on long loop rare earth magnet recycling in the UK
via a chemical route.
About Mkango Resources Ltd.
Mkango's corporate strategy is to develop new sustainable
primary and secondary sources of neodymium, praseodymium,
dysprosium and terbium to supply accelerating demand from electric
vehicles, wind turbines and other clean technologies. This
integrated Mine, Refine, Recycle strategy differentiates Mkango
from its peers, uniquely positioning the Company in the rare earths
sector. Mkango is listed on the AIM and the TSX-V.
Mkango is developing its Songwe Hill rare earths project
("Songwe") in Malawi with a Definitive Feasibility Study completed
in July 2022 and an Environmental, Social and Health Impact
Assessment approved by the Government of Malawi in January
2023.
In parallel, Mkango and Grupa Azoty PULAWY, Poland's leading
chemical producer have agreed to work together towards development
of a rare earth separation plant at Pulawy in Poland (the "Pulawy
Separation Plant") to process the purified mixed rare earth
carbonate produced at Songwe.
Mkango also has an extensive exploration portfolio in Malawi,
including the Mchinji rutile exploration project, the Thambani
uranium-tantalum-niobium-zircon project and Chimimbe nickel-cobalt
project.
For more information, please visit www.mkango.ca
About CoTec Holdings Corp.
CoTec is a publicly traded investment issuer listed on the TSX
Venture Exchange and the OTCQB and trades under the symbol CTH and
CTHCF respectively. The Company is focused on investing in
innovative technologies which have the potential to fundamentally
change the way metals and minerals can be extracted and processed
for the purpose of applying those technologies to undervalued
operating assets and recycling opportunities, as the Company
transitions into a mid-tier mineral resource producer.
CoTec is committed to supporting the transition to a lower
carbon future for the extraction industry, a sector on the cusp of
a green revolution as it embraces technology and innovation. The
Company has made four investments to date and is actively pursuing
operating opportunities where current technology investments could
be deployed.
For more information, please visit www.cotec.ca .
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has
been incorporated into UK law by the European Union (Withdrawal)
Act 2018. Upon the publication of this announcement via Regulatory
Information Service, this inside information is now considered to
be in the public domain.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements (within
the meaning of that term under applicable securities laws) with
respect to Mkango and CoTec, including their plans to proceed with
the roll-out of HyProMag's rare earth magnet recycling technology
into the United States by way of a new joint venture and the
anticipated structure, costs and benefits of that joint venture.
Generally, forward looking statements can be identified by the use
of words such as "plans", "expects" or "is expected to",
"scheduled", "estimates" "intends", "anticipates", "believes", or
variations of such words and phrases, or statements that certain
actions, events or results "can", "may", "could", "would",
"should", "might" or "will", occur or be achieved, or the negative
connotations thereof. Readers are cautioned not to place undue
reliance on forward-looking statements, as there can be no
assurance that the plans, intentions or expectations upon which
they are based will occur. By their nature, forward-looking
statements involve numerous assumptions, known and unknown risks
and uncertainties, both general and specific, that contribute to
the possibility that the predictions, forecasts, projections and
other forward-looking statements will not occur, which may cause
actual performance and results in future periods to differ
materially from any estimates or projections of future performance
or results expressed or implied by such forward-looking statements.
Such
factors and risks include, without limiting the foregoing, the
availability of (or delays in obtaining) financing to develop
HyProMag US's operations, Songwe Hill, the Tyseley Recycling Plant,
the HyProMag GmbH Recycling Plant, the Mkango UK Pilot Plant, the
Pulawy Separation Plant, governmental action and other market
effects on global demand and pricing for the metals and associated
downstream products for which Mkango is exploring, researching and
developing, geological, technical and regulatory matters relating
to the development of Songwe Hill, the ability to scale the HPMS
and chemical recycling technologies to commercial scale,
competitors having greater financial capability and effective
competing technologies in the recycling and separation business of
Maginito and Mkango, availability of scrap supplies for Maginito's
recycling activities, government regulation (including the impact
of environmental and other regulations) on and the economics in
relation to recycling and the development of the Tyseley Recycling
Plant, the HyProMag GmbH Recycling Plant, the Mkango UK Pilot
Plant, the Pulawy Separation Plant and future investments in the
United States pursuant to the proposed cooperation agreement
between Maginito and CoTec, the outcome and timing of the
completion of the feasibility studies, cost overruns, complexities
in building and operating the plants, and the positive results of
feasibility studies on the various proposed aspects of Mkango's,
Maginito's and CoTec's activities. The forward-looking statements
contained in this news release are made as of the date of this news
release. Except as required by law, Mkango and CoTec disclaim any
intention and assume no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by applicable law.
Additionally, Mkango and CoTec undertake no obligation to comment
on the expectations of, or statements made by, third parties in
respect of the matters discussed above.
For further information on Mkango, please contact:
Mkango Resources Limited
William Dawes Alexander Lemon
Chief Executive Officer President
will@mkango.ca alex@mkango.ca
Canada: +1 403 444 5979
www.mkango.ca
@MkangoResources
SP Angel Corporate Finance LLP
Nominated Adviser and Joint Broker
Jeff Keating, Kasia Brzozowska
UK: +44 20 3470 0470
Alternative Resource Capital
Joint Broker
Alex Wood, Keith Dowsing
UK: +44 20 7186 9004/5
Tavistock Communications
PR/IR Adviser
Jos Simson, Cath Drummond
UK: +44 (0) 20 7920 3150
mkango@tavistock.co.uk
For further information on CoTec, please contract:
CoTec Holdings Corp.
Braam Jonker
Chief Financial Officer
braam.jonker@cotec.ca
Canada: +1 604 992-5600
The TSX Venture Exchange has neither approved nor disapproved
the contents of this press release. Neither the TSX Venture
Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy any equity or other securities of
the Mkango or CoTec in the United States. The securities of Mkango
and CoTec will not be registered under the United States Securities
Act of 1933, as amended (the "U.S. Securities Act") and may not be
offered or sold within the United States to, or for the account or
benefit of, U.S. persons except in certain transactions exempt from
the registration requirements of the U.S. Securities Act.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCGPGUWUUPWGCG
(END) Dow Jones Newswires
October 11, 2023 10:32 ET (14:32 GMT)
Mkango Resources (LSE:MKA)
Historical Stock Chart
From Apr 2024 to May 2024
Mkango Resources (LSE:MKA)
Historical Stock Chart
From May 2023 to May 2024