Maginito completes acquisition of rare earth magnet recycler HyProMag

August 16, 2023

Maginito Ltd, based in Vancouver, Canada, has completed its previously announced acquisition of rare earth recycling company HyProMag, headquartered in Birmingham, UK. As per the transaction terms, the founding directors and management of HyProMag will continue to provide support and work closely with Maginito to further scale up and roll out the company’s patented Hydrogen Processing of Magnet Scrap (HPMS) recycling technology.

The payment to be made to the selling shareholders of HyProMag includes £1 million (CAD $1.7 million) in cash and the issue of 9,742,031 Mkango common shares, valued at £1 million (CAD $1.7 million). In addition, up to a further £3 million (CAD $5.1 million) may be payable to the vendors on the condition HyProMag achieves certain production milestones by June 30, 2026.

Subscribe to our weekly newsletter
Sign up

Maginito now also holds a 90% direct and indirect interest in HyProMag GmbH, a German company that also focuses on short loop rare earth magnet recycling, and 100% interest in Mkango Rare Earths UK Ltd, a UK-based company that focuses on long loop rare earth magnet recycling through a chemical route.

In March 2023, CoTec invested £1.5 million (C$2.6 million) into Maginito, and Maginito and CoTec agreed to collaborate on the commercialisation of downstream rare earth technologies in the United States. Mkango UK was at the same time transferred to become a subsidiary of Maginito. In connection with CoTec’s investment, John Singleton, Chief Operating Officer of CoTec, was appointed to the Board of Maginito.

Maginito stated that it targeting first production from the UK in 2023 and Germany in 2024, with parallel technology roll-out into the US.

Download PM Review magazine

In the latest issue of PM Review…

Download PDF

Extensive Powder Metallurgy industry news coverage, and the following exclusive deep-dive articles and reports:

  • Phoenix Sintered Metals: A story of transformation, growth and community from America’s PM heartland
  • World PM2024 Yokohama: The stage is set for the PM industry to find a path to sustainable growth
  • The state of Europe’s hard magnets industry and the challenge of optimising the mass production of Nd2Fe14B permanent magnets

The latest news from the world of metal powders, delivered to your inbox

Don't miss any new issue of PM Review, and get the latest industry news. Sign up to our weekly newsletter.

Sign up

Join our community

Discover our magazine archive…

The free-to-access PM Review magazine archive offers unparalleled insight into the world of Powder Metallurgy from a commercial and technological perspective through:

  • Reports on visits to leading PM part manufacturers, metal powder manufacturers and industry suppliers
  • Articles on technology and application trends
  • Information on materials developments
  • Reviews of key technical presentations from the international conference circuit
  • International industry news

All past issues are available to download as free PDFs or view in your browser.


Browse the archive


Looking for PM production equipment, metal powders, R&D support and more?

Discover suppliers of these and more in our
advertisers’ index and buyer’s guide, available in the back of PM Review magazine.

  • Powders & materials
  • Powder process, classification & analysis
  • PM products
  • Atomisers & powder production technology
  • Compaction presses, tooling & ancillaries
  • Sintering equipment & ancillaries
  • Post-processing
  • Consulting & toll sintering
View online
Share via
Copy link