I’ll create a factual news article based on the press release in the Wall Street Journal style.

Published 12/06/2025, 07:26
I’ll create a factual news article based on the press release in the Wall Street Journal style.

HyProMag USA receives up to $92 million financing interest from EXIM

DALLAS/LONDON - HyProMag USA has received a letter of interest from the U.S. Export-Import Bank for potential financing of up to $92 million for its rare earth recycling and magnet manufacturing facility planned in Dallas-Fort Worth, Texas, according to a statement released Thursday by parent companies CoTec Holdings Corp. (TSXV:CTH) and Mkango Resources Ltd. (AIM/TSX-V:MKA).

The financing would come under EXIM’s "Make More in America" initiative with a proposed 10-year repayment term. The project aligns with Executive Order 2421 issued in March 2025, which aims to accelerate domestic mineral production.

The Dallas-Fort Worth facility is designed to produce 750 metric tons of recycled sintered NdFeB magnets and 807 metric tons of associated NdFeB co-products annually, with an expected 40-year operating life. The project is anticipated to create 90-100 skilled manufacturing jobs.

HyProMag USA is commercializing Hydrogen Processing of Magnet Scrap technology, which was developed at the University of Birmingham with approximately $100 million in research funding. The company completed a feasibility study for the Texas facility in November 2024 and expanded its engineering phase in March 2025.

An independent carbon footprint study completed in March 2025 showed the facility would produce 2.35 kg of CO2 equivalent per kilogram of NdFeB cut sintered block product.

HyProMag USA is jointly owned by CoTec and HyProMag Limited, with the latter being 100% owned by Maginito Limited. Maginito is 79.4% owned by Mkango Resources and 20.6% by CoTec.

The letter of interest from EXIM Bank does not guarantee financing approval, as indicated in the press release statement.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2025 - Fusion Media Limited. All Rights Reserved.