Mkango Resources Ltd (AIM:MKA, TSX-V:MKA, FRA:ZMK, OTC:MKNGF) said its rare earth magnet recycling pilot led by associate HyProMag and the University of Birmingham (UOB) is successful.
The REAP project was established to recycle and repurpose old loudspeaker magnets using a new process for extracting and demagnetising neodymium iron boron (NdFeB) alloy powders.
The patented process was originally developed by the Magnetic Materials Group at the UoB and subsequently licensed to HyProMag
Nick Mann, operations general manager of HyProMag said the project had broken new ground and identified "a useful and accessible source of end of life magnets that can be collected, extracted and remanufactured on a commercially viable basis".
“As demand and therefore price of NdFeB magnets continues to rise, the need to capture waste material for recycling becomes imperative for economic as well as environmental reasons.
"REAP further advances the novel techniques required to recycle rare earth magnets from audio products, which account for around 20 per cent of the NdFeB market each year. “
William Dawes, CEO of Mkango added: "This is a significant milestone for HyProMag, University of Birmingham and European Metal Recycling [another project member].
“Recycling is a key component of Mkango's "mine, refine, recycle" strategy via its strategic interest in HyProMag, and will become an increasingly important part of the rare earth supply chain in the UK, Europe and elsewhere.”
Mkango subsidiary Maginito has a 25% equity stake in HyProMag with an option to increase this to 49%.