Aim- and TSX-V-listed Mkango Resources and its subsidiary Maginito have signed an investment term sheet and one-year exclusivity agreement with rare earth magnet recycling company HyProMag. Consistent with Maginito’s strategy, the rationale for the transaction includes potential synergies, such as the blending of primary rare earth production originating from the Songwe Hill mine, in Malawi, with recycled production from HyProMag, as well as enhanced marketing flexibility and access to downstream markets for rare earths permanent magnets, which are materials for electric vehicles, wind turbines, consumer electronics and other technology applications.
