Joint Statement on the Minerals Security Partnership Announce Support for Mining, Processing, and Recycling Projects
Today, the partners of the Minerals Security Partnership (MSP) held a principals’ meeting in London, the world capital of mining and metals finance, on the margins of London Metal Exchange (LME) Week 2023. The theme of the meeting was responsible investment in critical minerals, with the key objective to strengthen collaboration between the MSP, like-minded partners, and the global financial community. Nusrat Ghani, Minister of State for Business and Trade of the United Kingdom, and Jose W. Fernandez, U.S. Under Secretary of State for Economic Growth, Energy, and the Environment, co-chaired the meeting.
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.
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(20min delay)