TIDMMKA
RNS Number : 1692M
Mkango Resources Limited
12 September 2023
MKANGO RESOURCES LTD.
550 Burrard Street
Suite 2900
Vancouver
BC V6C 0A3
Canada
HYPROMAG TO PARTICIPATE IN INNOVATIVE PROJECT TO DEVELOP THE
UK'S FIRST
CIRCULAR SUPPLY CHAIN FOR WIND TURBINE RARE EARTH MAGNETS
HIGHLIGHTS:
-- HyProMag to participate in grant funded project with European
Metal Recycling Limited (EMR), the Offshore Renewable Energy (ORE)
Catapult, Magnomatics and University of Birmingham
-- Re-RE Wind aims to establish the UK's first circular supply
chain for rare earth magnets used in wind turbines:
- sustainable and safe decommissioning of wind turbine nacelles;
- applications in a new custom-designed generator;
- design for recycling; and
- life cycle and technoeconomic assessment.
-- The first generation of wind turbines are now nearing their
end-of-life, and the Project aims to catalyse a low-carbon
decommissioning programme, unlocking a new domestic source of rare
earths for the UK
-- The Project further cements HyProMag's position as the UK's
leading rare earth magnet recycler and underpins plans for scale-up
of recycling and magnet manufacturing in the UK
London / Vancouver: September 12, 2023 - Mkango Resources Ltd.
(AIM/TSX-V: MKA) (the "Company" or "Mkango") is pleased to announce
that HyProMag Limited ("HyProMag") is collaborating with EMR, the
Offshore Renewable Energy (ORE) Catapult, Magnomatics and
University of Birmingham in a GBP1.5 million project, Re-RE Wind
("Re-RE Wind" or the "Project"), of which GBP1.0 million or 67%
will be funded by Innovate UK's circular critical materials supply
chains (CLIMATES) programme. The budget for HyProMag's portion of
the Project is circa GBP350,000 of which 70% will be funded by the
grant. The grant is subject to signature of a collaboration
agreement between the parties.
William Dawes, Chief Executive of Mkango stated: "This Project
further cements Mkango's and HyProMag's early mover advantage in
the rare earth magnet recycling sector, highlighting its
competitive position and strong network of leading industry and
academic partners. We look forward to continuing to support
HyProMag as it scales up HPMS (Hydrogen Processing of Magnet Scrap)
and rolls-out the technology internationally."
Nick Mann, Operations General Manager of HyProMag stated : "We
are very excited about this innovative project and the opportunity
to further develop the UK supply chain for rare earth magnet
recycling with the support of Innovate UK and an excellent
consortium of project partners.
"Re-RE Wind will address the hurdles for recycling of permanent
magnets from wind turbines, effectively unlocking a new domestic
source of rare earths. It further underpins the scale-up of
HyProMag's operations in the UK, whilst complementing other
Innovate UK supported projects focused on different scrap streams,
such as electronic waste and electric vehicle motors, in which
HyProMag is participating."
In August this year, Mkango's 90% owned subsidiary, Maginito
Limited ("Maginito"), completed the acquisition of HyProMag
(www.hypromag.com), which is commercialising rare earth magnet
recycling in the UK, Germany (via HyProMag GmbH), United States (in
partnership with CoTec Holdings) and other jurisdictions.
HyProMag's HPMS technology, is a homegrown, innovative
technology developed at the University of Birmingham, and has major
competitive advantages versus other rare magnet recycling
technologies, which are largely focused on chemical processes but
do not solve the challenges of liberating magnets from end-of-life
scrap streams - HPMS provides the solution. HyProMag's company
presentation can be viewed via the following link:
HyProMag-Corporate-Introduction-28-July-2023.pdf
About Mkango Resources Ltd.
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 listed on the AIM and the TSX-V.
Mkango is developing its flagship Songwe Hill rare earths
project ("Songwe") in Malawi with a Definitive Feasibility Study
completed in July 2022 and an Environmental, Social and Health
Impact Assessment approved by the Government of Malawi in January
2023. 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 90% 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.
Following the recent acquisition of HyProMag, Maginito holds a
100% interest in HyProMag focused on short loop rare earth magnet
recycling in the UK, a 90% direct and indirect interest (assuming
conversion of Maginito's convertible loan) in HyProMag GmbH, a
company focused on short loop rare earth magnet recycling in
Germany, and a 100% interest in Mkango Rare Earths UK Ltd ("Mkango
UK"), a company focused on long loop rare earth magnet recycling in
the UK via a chemical route.
A new US subsidiary, to be jointly owned by Maginito and CoTec,
will be formed to develop rare earth recycling opportunities in the
United States.
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
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.
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 and CoTec. 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, the availability of (or delays in
obtaining) financing to develop Songwe Hill, the Tyseley Recycling
Plant, the HyProMag GmbH Recycling Plant, the Mkango UK Pilot
Plant, the Pulawy Separation Plant, governmental action and other
market effects on global demand and pricing for the metals and
associated downstream products for which Mkango is exploring,
researching and developing, geological, technical and regulatory
matters relating to the development of Songwe Hill, the ability to
scale the HPMS and chemical recycling technologies to commercial
scale, competitors having greater financial capability and
effective competing technologies in the recycling and separation
business of Maginito and Mkango, availability of scrap supplies for
Maginito's recycling activities, government regulation (including
the impact of environmental and other regulations) on and the
economics in relation to recycling and the development of the
Tyseley Recycling Plant, the HyProMag GmbH Recycling Plant, the
Mkango UK Pilot Plant, the Pulawy Separation Plant and future
investments in the United States pursuant to the proposed
cooperation agreement between Maginito and CoTec, the outcome and
timing of the completion of the feasibility studies, cost overruns,
complexities in building and operating the plants, and the positive
results of feasibility studies on the various proposed aspects of
Mkango's, Maginito's and CoTec's activities. 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 and
CoTec disclaim 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 and CoTec undertake 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
SP Angel Corporate Finance LLP
Nominated Adviser and Joint Broker
Jeff Keating, Kasia Brzozowska
UK: +44 20 3470 0470
Alternative Resource Capital
Joint Broker
Alex Wood, Keith Dowsing
UK: +44 20 7186 9004/5
Bacchus Capital Advisers
Financial Adviser
Richard Allan
UK: +44 203 848 1642
UK: +44 7857 857 287
richard.allan@bacchuscapital.co.uk
Tavistock Communications
PR/IR Adviser
Jos Simson, Cath Drummond
UK: +44 (0) 20 7920 3150
mkango@tavistock.co.uk
Canada: +1 604 992-5600
The TSX Venture Exchange has neither approved nor disapproved
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