# Maginito to acquire full ownership of rare earth magnet recycler HyProMag

Maginito Limited (90% Mkango, 10% CoTec) agreed to increase its ownership in HyProMag from 42% to 100% for £1 million in cash and £1 million in Mkango shares, plus up to £3 million in shares subject to milestones. The deal targets first UK production in 2023 and German production in 2024.

- Type: Acquisition
- Announced: 2023-05-16
- Where: United Kingdom
- Value: $6.30M (5.00M GBP)
- Status: announced
- Products: rare earth magnet recycling, HPMS technology
- Sectors: [Specialty Chemicals](https://endata.com/sectors/specialty-chemicals.md)

## Companies

- [COTEC GmbH](https://endata.com/companies/50355.md) (investor)
- [Maginito Limited](https://endata.com/companies/70313.md) (acquirer)
- [HyProMag Limited](https://endata.com/companies/70314.md) (target)
- [Mkango Resources](https://endata.com/companies/70315.md) (investor)

## Sources

- [maginito.com](https://maginito.com/news/maginito-to-acquire-pioneering-rare-earth-magnet-recycler-hypromag/), 2023-05-16: "Maginito to hold a 100% interest in HyProMag and 90% interest in HyProMag GmbH, post-acquisition and conversion of previously announced convertible loan."

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.