Maginito Limited was established by Mkango Resources Ltd (TSXV/AIM :MKA), which holds a 100% interest in Maginito, to pursue downstream green technology opportunities in the rare earths supply chain, encompassing NdFeB magnet recycling and innovative rare earth alloy, magnet and separation technologies, underpinned by offtake of sustainably sourced primary and secondary raw materials. The company’s strategy is geared to accelerating growth in the electric vehicle market, wind power generation and other industries driven by decarbonisation of the economy.
Maginito holds a 42% interest in UK based short loop NdFeB magnet recycler, HyProMag Limited (www.hypromag.com), with an option to increase to 49%. HyProMag is focused on short loop NdFeB magnet recycling using a hydrogen based technology (HPMS) developed at the Magnetic Materials Group (MMG) within the University of Birmingham. HyProMag Limited holds an 80% interest in HyProMag GmbH, which is developing short loop NdFeB magnet recycling in Germany.
Pursuant to the non-binding term sheet signed with Cotec Holdings Corp. in May 2022, Mkango’s interest in its subsidiary, Mkango Rare Earths UK Ltd will be transferred to Maginito. Mkango UK was established by Mkango to evaluate and develop opportunities in rare earth recycling and green technology in the UK, complementary to HyProMag, which includes long loop NdFeB magnet recycling via a chemical processing route.