Maginito Limited was established by Mkango Resources Ltd (TSXV/AIM:MKA) (www.mkango.ca), which holds a 90% 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 connection with the investment, 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. Maginito and CoTec are evaluating development of recycling, chemical processing, alloy and magnet manufacturing in the United States, with scoping studies and site selection underway in advance of detailed feasibility studies, and ongoing discussions with potential customers and recycling partners.
Maginito now holds a 100% interest in HyProMag Limited (www.hypromag.com ) focused on short loop rare earth magnet recycling in the UK, a 90% direct and indirect interest (assuming conversion of Maginito’s recently announced convertible loan) in HyProMag GmbH (www.hypromag.de), a company focused on short loop rare earth magnet recycling in Germany, and a 100% interest in Mkango UK, a company focused on development of innovative hydrometallurgical technologies and 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 technology opportunities in the United States.