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Mkango Resources signed an asset purchase agreement to acquire Heraeus Remloy from Heraeus Amloy Technologies for €8 million ($9.4 million). Remloy operates a plant in Bitterfeld, Germany, that recycles rare earth magnets to produce NdFeB alloy powders.
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.