London and Toronto-listed mining company Mkango Resources has announced that its subsidiary, HyProMag, a rare-earth magnet recycling company, has been selected by the Minerals Security Partnership as one of its key projects.
The Minerals Security Partnership, consisting of 14 governments, aims to ensure the availability of adequate mineral supplies in order to meet net zero-carbon goals.
Mkango Resources expressed its satisfaction with the selection, stating that HyProMag has the potential to contribute to the development of responsible critical mineral supply chains. The company believes that this is a significant endorsement of its technology, which can play a crucial role in unlocking the supply chain for rare earth magnet recycling. Furthermore, it enables the production of rare earth alloys and magnets with a significantly reduced carbon footprint.
The announcement had a positive impact on Mkango Resource's shares, with an increase of 2.9% at 1444 GMT. The shares reached a high of 9.5 pence at the time of the announcement.
Chief Executive Will Dawes emphasized the importance of this achievement, highlighting the opportunity to make a substantial impact in the field of rare earth magnet recycling.