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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.
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