Press release

UK to host Minerals Security Partnership for first time to boost investment in critical minerals

On Tuesday 10 October, the UK hosted the Principals' meeting of the Minerals Security Partnership for the first time, at the London Metals Exchange.

The UK hosted a Principals’ meeting of the Minerals Security Partnership (MSP) for the first time ever in London yesterday (10 October), which focused on boosting responsible investment and sustainable finance in critical mineral supply chains.

Industry Minister Nusrat Ghani co-chaired the historic meeting of the MSP at the London Metals Exchange together with US Under Secretary for Economic Growth, Energy and the Environment Jose Fernandez yesterday afternoon.

The MSP is a group of 14 partners – representing over 50 percent of global GDP – that aims to catalyse public and private sector investment in responsible critical mineral supply chains globally.

About HyProMag:

• HyProMag is commercialising rare earth magnet recycling using Hydrogen Processing of Magnet Scrap (HPMS) technology, developed at the University of Birmingham, UK, which can liberate and recycle magnets from end-of-life scrap.
• Having commissioned the UK’s first rare earth magnet recycling pilot plant at the University of Birmingham in 2022, alongside the UK’s only facility to make sintered rare earth magnets, HyProMag, together with the University of Birmingham, are developing a large-scale recycling plant at Tyseley Energy Park, Birmingham, with first production by the end of this year and supported with funding from UK Research and Innovation.
• Investment from UK-Canada listed Mkango Resources in 2020 has helped scale-up and catalyse international growth initiatives, including in Germany where HyProMag has established a sister company, HyProMag GmbH, and in the U.S. through a new Maginito-CoTec 50:50 joint venture company, with evaluation of other jurisdictions underway. Maginito (79.4% Mkango; 20.6% CoTec) acquired HyProMag in 2023.
• In line with MSP’s commitment to recycling and reuse, the development of new sources of recycled rare earths can accelerate development of sustainable and competitive rare earth magnet production.

https://www.gov.uk/government/news/uk-to-host-minerals-security-partnership-for-first-time-to-boost-investment-in-critical-minerals#:~:text=The%20MSP%20is%20a%20group