HyProMag USA, an associated company of Mkango Resources (LSE:MKA), has completed expansion concept studies and begun pre-feasibility work on new rare earth magnet recycling and manufacturing hubs in South Carolina and Nevada. These proposed sites would complement the company’s initial facility in Texas, forming a modular, three-hub U.S. platform.
Under the current plan, the expanded network would lift U.S. neodymium iron boron (NdFeB) magnet and alloy capacity to 4,656 metric tons per year by 2029, effectively tripling output. The development underpins a projected post-tax net present value of more than $2 billion, alongside strong anticipated returns. The strategy is also designed to support a potential future U.S. listing, reinforce domestic supply chains for critical technologies such as artificial intelligence and electric vehicles, and create approximately 300 skilled manufacturing jobs. In parallel, the expansion would further strengthen HyProMag’s positioning in low-carbon, recycled magnet production.
More about Mkango Resources
Mkango Resources, listed on AIM and TSX-V, is positioning itself as a leading player in recycled rare earth magnets, alloys and oxides through its majority ownership of Maginito and its indirect interest in HyProMag. Through HyProMag USA, the group is focused on building a secure, low-carbon U.S. supply chain for neodymium iron boron magnets used across AI infrastructure, defence, robotics, electric vehicles and advanced electronics. This strategy is underpinned by proprietary hydrogen processing of magnet scrap (HPMS) recycling technology developed with significant research and development support from the University of Birmingham.
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