Shares in Mkango Resources Ltd (AIM:MKA, TSX-V:MKA, OTC:MKNGF) were lifted 11.11% to 12.5p after it hailed a historic moment in the first production of recycled rare earth magnets from UK subsidiary HyProMag's Birmingham plant.
After the first test production runs at the Tyseley Energy Park rare-earths hub produced around 3,000 magnets using the revolutionary new recycling technology, commercial production is being targeted for the middle of next year.
There has been "strong interest" for recycled magnets from potential customers and for recycling solutions from original equipment manufacturers (OEMs), and automotive and recycling companies, Mkango said.
There are plans to develop a similar plant in Germany, potentially starting in 2024, and for a multi-spoke and hub operation in the United States through the joint venture with CoTec Holdings Ltd from 2025/2026.