HyProMag USA Launches EPCM Provider Selection for Rare Earth Magnet Project

CoTec Holdings Corp. and Mkango Resources Ltd. have initiated a "Request for Proposal" process to select an Engineering, Procurement, and Construction Management provider for the HyProMag USA project. This initiative focuses on recycling and manufacturing rare earth magnets in the U.S. A recent feasibility study highlighted the project's potential positive economics and prospects as a domestic source of recycled rare earth magnets.

The detailed engineering design phase will create an accurate capital cost estimate and finalize site selection by mid-2025. The project aims to begin revenue generation by Q1 2027. CoTec CEO Julian Treger emphasized the importance of cost-savings and enhancements from the design phase, while Mkango CEO Will Dawes sees the project as vital for developing a robust domestic recycling ecosystem in the U.S.