Mkango subsidiary HyProMag progressing UK magnet recycling plans

23rd Apr 2026 14:16

(Sharecast News) - Mkango Resources said on Thursday that its subsidiary HyProMag was advancing commercial-scale rare earth magnet recycling and manufacturing at Tyseley Energy Park in Birmingham, while broadening customer engagement and assessing future capacity expansion.

The AIM-traded company said HyProMag had supplied recycled neodymium-iron-boron magnets to Siemens, which incorporated them into a SIMOTICS servomotor rotor presented at Hannover Messe on 21 April.

Mkango said the collaboration illustrated HyProMag's progress towards commercial magnet production as commissioning and scale-up continued at the Tyseley facility.

HyProMag had produced 9.2 tonnes of recycled NdFeB alloy powder since commissioning its HPMS vessel last year, of which 7.4 tonnes was shipped to customers, Mkango said.

The company added that magnet samples had now been provided to more than 20 potential customers, with products supplied for qualification in motors, medical devices and audio applications.

Mkango said pre-processing of hard disk drives had started using a newly commissioned automated unit at Tyseley, with the first full batch of HDD-derived magnet scrap feedstock now ready for HPMS processing.

Processing of hard disk drives was expected to be scaled up in the coming months, while printed circuit board assemblies were also being recovered during pre-processing.

"HyProMag is uniquely positioned to fulfil customer requirements for recycled rare earth magnets across Europe and North America, underpinned by operations in UK, Germany and [the] US, longstanding expertise in magnetic materials at the University of Birmingham, extensive industry partnerships and the capability to make commercial grade magnets across a growing range of applications," said chief executive William Dawes.

"The collaboration with Siemens is one example of win-win partnerships being developed by HyProMag, and we are engaging with multiple potential customers across a range of industries."

The company said it was evaluating a phased expansion of the Tyseley plant from next year, initially to between 100 and 350 tonnes per annum of NdFeB alloys and magnets and later to 1,000 tonnes per annum.

It added that a successful grant funding application under the DRIVE35 competition would support a feasibility study into the 1,000-tonne expansion.

A separate grant-backed REACT UK project would target automotive magnet grades alongside partners including Jaguar Land Rover, Less Common Metals, EMR Group and the University of Birmingham.

"The HyProMag team continues to develop and grow, with increasing quantities and types of NdFeB outputs produced at the plant," commented Nick Mann, managing director of HyProMag.

He added that it had been "a pleasure to participate with Siemens at Hannover Messe 26 earlier in the week, and we look forward to working closely with the Siemens team as we advance our collaboration."

Mkango also said it had received notice to exercise 350,000 options at 18.5 Canadian cents (10p) each.

Following admission of the resulting shares, expected on or around 28 April, the company's issued share capital would total 387.5 million shares.

At 1514 BST, shares in Mkango Resources were up 6.84% at 50p.

Reporting by Josh White for Sharecast.com.

See latest RNS on Investegate