TIDMMKA
RNS Number : 2535H
Mkango Resources Limited
23 November 2022
MKANGO RESOURCES LTD.
550 Burrard Street
Suite 2900
Vancouver
BC V6C 0A3
Canada
MKANGO ANNOUNCES GRANT FUNDED HYPROMAG PROJECT TO DEVELOP
GERMANY'S FIRST RARE EARTH MAGNET RECYCLING HPMS PLANT WITH FIRST
PRODUCTION TARGETED FOR 2024
Highlights
-- HyProMag GmbH has been awarded a EUR3.7 million grant for a
new project to further develop the local knowledge base,
infrastructure and recycled NdFeB production capacity to underpin
its transition to commercial production in Germany
-- Initial capacity will be a minimum of 100tpa NdFeB,
comprising recycled rare earth sintered magnets, alloy pellets and
powders and will be the first in Germany using the patented HPMS
(Hydrogen Processing of Magnet Scrap) process, with first
production targeted for 2024
-- HyProMag GmbH is 80% owned by HyProMag Limited (42% Mkango),
which is developing a similar sized recycling plant at Tyseley
Energy Plant in the UK together with the University of Birmingham,
with first production targeted for 2023
-- HyProMag GmbH is 20% owned by Professor Carlo Burkhardt of
Pforzheim University, co-ordinator of the EUR14m SusMagPro (
www.susmagpro.eu ) and EUR13m REEsilience ( www.reesilience.eu ) EU
funded recycling projects, with approximately 40 partners across
the European supply chain
-- Rare earth magnet recycling and related downstream processes
are core components of Mkango's "mine, refine, recycle" strategy
and the Company continues to evaluate further opportunities to grow
the business in Europe, North America and Asia
London / Vancouver: November 23, 2022 - Mkango Resources Ltd.
(AIM/TSX-V: MKA) (the "Company" or "Mkango") is pleased to announce
that HyProMag GmbH has been awarded grants totalling EUR3.7 million
for a new project, entitled "Innovation Centre for Science &
Economy Northern Black Forest IZWW" (the "Project"), comprising a
EUR2.5 million grant from the European Regional Development Fund
(ERDF) and a EUR1.2 million grant from the Ministry of Economic
Affairs, Labour and Tourism Baden-Württemberg.
The total cost of the Project is expected to be EUR6.1 million,
of which approximately 60% will be funded by the grants, on the
basis that for each EUR1 spent on the Project by HyProMag GmbH, a
further EUR1.50 contribution can be claimed from the grants. The
first phase of the Project includes development of a production
facility in Baden-Württemberg State with a minimum capacity of
100tpa NdFeB comprising recycled rare earth sintered magnets, alloy
pellets and powders.
The initial production facility would be a similar size to the
GBP4.3 million project being developed by HyProMag Limited and the
University of Birmingham at Tyseley Energy Park in the UK, funded
by Driving the Electric Revolution, an Industrial Strategy
Challenge Fund challenge delivered by UK Research and Innovation
("UKRI").
HyProMag GmbH was established to commercialise HPMS technology
in Germany and EU, and to further support Government initiatives to
strengthen European rare earth supply chains and accelerate the
green transition, and the Project is a major milestone in
fulfilment of this strategy.
William Dawes, Chief Executive of Mkango stated: "This is an
exciting milestone for Mkango, HyProMag GmbH, HyProMag Limited,
which significantly enhances the group's production pipeline,
targeting first production in the UK in 2023 and Germany in 2024,
with North America developed in parallel. We envisage that the
recycling of rare earth magnets will play a key role in the
development of robust supply chains to catalyse and support growth
in the electric vehicle sector and in other clean technologies.
"This Project further cements Mkango's and HyProMag's early
mover advantage in the rare earth magnet recycling sector,
highlighting its competitive position and benefiting from a very
strong network of industry and academic partners."
Professor Carlo Burkhardt, Director of HyProMag GmbH stated:
"Setting up this ultra-efficient manufacturing facility for rare
earth permanent magnets is a unique opportunity to establish
technological leadership along the entire value chain for rare
earth magnets. By combining the competencies of industry and
science in the Northern Black Forest and further locations in
Baden-Württemberg, the Project will play a pivotal role in
supporting the structural change from internal combustion engines
to electromobility. Furthermore, it will enable development of
further high-performance applications, where permanent magnets and
rare earths already have a central role as critical components,
which will become even more important in the foreseeable
future."
Rare earth magnets play a key role in clean energy technologies
including electric vehicles and wind turbine generators, and they
are also a key component in electronic devices including mobile
phones, hard disk drives and loudspeakers. The development of
domestic sources of recycled rare earths in Germany via HPMS is a
significant opportunity to fast-track the development of
sustainable and competitive recycled rare earth magnet
production.
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.
About Mkango Resources Limited
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 developing Songwe Hill in Malawi with a Feasibility
Study completed in July 2022. Malawi is known as "The Warm Heart of
Africa", a stable democracy with existing road, rail and power
infrastructure, and new infrastructure developments underway.
In parallel, Mkango and Grupa Azoty PULAWY, Poland's leading
chemical company and the second largest manufacturer of nitrogen
and compound fertilizers in the European Union, have agreed to work
together towards development of a rare earth Separation Plant at
Pulawy in Poland (the "Pulawy Separation Plant"). The Pulawy
Separation Plant will process the purified mixed rare earth
carbonate produced at Songwe Hill.
Through its ownership of Maginito ( www.maginito.com ), Mkango
is also 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 42% interest in UK rare
earth (NdFeB) magnet recycler, HyProMag ( www.hypromag.com ), with
an option to increase its interest to 49%.
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
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. 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,
,governmental action relating to COVID-19, COVID-19 and other
market effects on global demand and pricing for the metals and
associated downstream products for which Mkango is exploring,
researching and developing, factors relating the development of the
Pulawy Separation Plant, the production facilities in
Baden-Württemberg State and Tyseley Energy Park (the "Plants"),
including the outcome and timing of the completion of the
feasibility studies, cost overruns, complexities in building and
operating the Plants, changes in economics and government
regulation, the positive results of feasibility studies and delays
in obtaining financing or governmental approvals for, and the
impact of environmental and other regulations relating to, Songwe
and the Plants. The forward-looking statements contained in this
news release are made as of the date of this news release. Except
as required by law, the Company disclaims 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, the Company
undertakes 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
BlytheRay
Financial Public Relations
Tim Blythe
UK: +44 207 138 3204
SP Angel Corporate Finance LLP
Nominated Adviser and Joint Broker
Jeff Keating, Caroline Rowe
UK: +44 20 3470 0470
Alternative Resource Capital
Joint Broker
Alex Wood, Keith Dowsing
UK: +44 20 7186 9004/5
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 Company in the United States. The securities of the Company
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
MSCEALFAAFPAFFA
(END) Dow Jones Newswires
November 23, 2022 02:00 ET (07:00 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