AUS
NZ
UK
CA
USA
IND
_10_04_2024_16_38_50_427275.jpg)
Mkango Resources (LSE:MKA) and its subsidiary Maginito have secured a notable exclusive agreement with Inserma Anoia to advance and commercialize pre-processing technologies for recovering rare earth magnets from hard disk drives (HDDs), loudspeakers, and electric motors. Announced on Tuesday, this partnership represents a strategic step forward in the recycling of critical minerals, with a particular focus on neodymium, which is vital for clean energy technologies.
Under the terms of the agreement, Inserma's advanced mobile pre-processing units will be deployed at hyperscale data centers or recycling facilities. These units are designed to rapidly extract voice coil motors (VCMs) containing rare earth magnets from HDDs in under three seconds per drive. This process produces a concentrated feed for HyProMag’s Hydrogen Processing of Magnet Scrap (HPMS) technology, thereby improving the efficiency and sustainability of rare earth magnet recycling.
The initial phase of the collaboration will see the purchase and deployment of three pre-processing units, with plans to expand to multiple regions including the UK, Germany, and the United States. The goal is to scale up to hundreds of units worldwide, addressing various end-of-life applications.
The agreement aims to reduce both the cost and carbon footprint associated with recycling HDDs, while also providing secure data destruction and facilitating subsequent shredding processes. Additionally, the partnership will grant Maginito exclusive rights to the pre-processed scrap, supporting HyProMag’s efforts in short-loop rare earth magnet recycling.
William Dawes, CEO of Mkango Resources, expressed enthusiasm about the collaboration, highlighting its potential to offer a comprehensive circular solution for recovering rare earth magnets from a range of applications. The partnership is expected to lower carbon emissions, reduce costs, and unlock additional value from previously untapped resources.
As of 1134 BST, Mkango Resources saw its share price increase by 3.04% to 6.44p, reflecting positive market reception to the news of this strategic agreement.
