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CoTec Holdings ( (TSE:CTH) ) has provided an update.
CoTec Holdings, which owns a 16.5% stake in MagIron LLC, highlighted MagIron’s completion of the acquisition of the Reynolds Pellet Plant in Indiana from the receivership estate of Altos Hornos De Mexico, marking a key step toward MagIron’s restart plans and investments in Minnesota and Indiana. The modern, restart-ready pellet facility, backed by roughly US$440 million of past investment, positions MagIron to pursue its strategy of becoming a fully integrated direct-reduced (DR) pellet supplier to the rapidly growing U.S. Electric Arc Furnace steel sector and to develop merchant pig iron capacity, a development CoTec views as potentially making MagIron an important contributor to the U.S. steel industry and enhancing the strategic value of CoTec’s investment portfolio.
More about CoTec Holdings
CoTec Holdings Corp. is a TSX-V and OTCQB-listed company focused on redefining resource extraction and recycling, with an emphasis on rare earth magnets and strategic materials. It integrates disruptive technologies with strategic assets to create secure, sustainable and low-cost supply chains for the United States and its allies, transforming marginal assets, tailings, waste streams and recycled products into high-value critical minerals through projects such as magnet recycling in Texas and iron tailings reprocessing in Québec.
Average Trading Volume: 89,748
Technical Sentiment Signal: Buy
Current Market Cap: C$185.6M
See more data about CTH stock on TipRanks’ Stock Analysis page.