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Mkango Resources ( (TSE:MKA) ) has shared an update.
Mkango Resources Ltd. and CoTec Holdings Corp. announced that HyProMag USA, a joint venture, has received a letter of interest from the U.S. Export-Import Bank for potential financing of up to $92 million for a rare earth recycling and magnet manufacturing facility in Texas. This development aligns with U.S. initiatives to boost domestic mineral production and could significantly enhance the U.S. supply chain for rare earth magnets, creating jobs and reducing reliance on foreign sources.
More about Mkango Resources
Mkango Resources Ltd. is a company listed on the AIM and TSX-V, focusing on the production of recycled rare earth magnets, alloys, and oxides. It aims to develop sustainable sources of neodymium, praseodymium, dysprosium, and terbium to meet the growing demand from electric vehicles, wind turbines, and other clean energy technologies. The company is involved in the Songwe Hill rare earths project in Malawi and the Pulawy rare earths separation project in Poland, both recognized as Strategic Projects under the European Union Critical Raw Materials Act.
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