Mkango Resources Ltd (AIM:MKA, TSX-V:MKA, OTC:MKNGF) shares moved up on Monday after it announced the first production runs from its commercial-scale Hydrogen Processing of Magnet Scrap (HPMS) vessel at its Tyseley Energy Park recycling plant in Birmingham.
The operation, developed with the University of Birmingham and commercial partner HyProMag, will initially supply high-grade NdFeB alloy powder for third-party processing and aims to deliver 0.5 tonnes per month of recycled product by the end of July, rising to at least 2 tonnes per month by December 2025.
“This is a major milestone for Mkango, HyProMag, the University of Birmingham and all our stakeholders,” chief executive Will Dawes said.
“Bringing back sintered magnet manufacturing to the UK after a 20-year hiatus will be a major step forward for the UK’s critical mineral ambitions”.
Mkango shares added 4.26p or 13.74% changing hands at around 35p.