CoTec Holdings Corp. Announces Key Developments in Texas Rare Earth Magnet Project

CoTec Holdings Corp. has reported significant progress in its HyProMag USA joint venture's Texas rare earth magnet recycling and manufacturing hub. Located in Dallas-Fort Worth, the Texas Hub has secured electrical power capacity from Oncor Electric Delivery Company LLC, primarily utilizing renewable sources.

Key developments include the commencement of permitting activities by Weston Solutions and contractor selection by Pegasus TSI for cutting and finishing operations, aiming for a mid-2027 start. Phase 1 is expected to be completed by mid-2028, with a targeted production of approximately 550 tonnes of NdFeB magnets and 484 tonnes of co-products annually.

Ultimately, the Texas Hub aims to supply 1,526 tonnes of rare earth magnet products annually post-Phase 2 expansion. The project signifies an important step towards a domestic and sustainable rare earth magnet supply chain in the U.S.