Maginito Limited was established by Mkango Resources Ltd (TSXV/AIM:MKA) (www.mkango.ca), which holds a 79.4% interest in Maginito, to pursue downstream green technology opportunities in the rare earths supply chain, encompassing NdFeB magnet recycling and innovative rare earth alloy, magnet and separation technologies, underpinned by access to sustainably sourced primary and secondary rare earth raw materials. The company’s strategy for value creation is geared to accelerating growth in the electric vehicle market, wind power generation and other industries driven by decarbonisation of the economy.

In March 2023, Mkango and CoTec announced that they had closed a £1.5 million investment by CoTec into Maginito for a 10% interest, with an option to increase to 20.6%. In October 2023, CoTec converted its £2 million convertible loan note in Mkango into additional shares of Mkango's subsidiary Maginito Ltd. As a result of the conversion, CoTec's equity position in Maginito increased from 10% to 20.6%. Maginito owns 100% of HyProMag Limited. Maginito and CoTec agreed to collaborate on the commercialisation of downstream rare earth technologies in the United States, and Mkango Rare Earths UK Ltd. was transferred to become a subsidiary of Maginito.