HyProMag USA Secures Potential $92 Million Financing from US EXIM Bank

HyProMag USA, LLC, supported by CoTec Holdings Corp. and Mkango Resources Ltd., has received a Domestic Finance Letter of Interest from the U.S. Export-Import Bank for up to $92 million. This funding is designated for HyProMag USA's first integrated rare earth recycling and magnet-making facility in Dallas-Fort Worth, Texas.

The EXIM Bank's interest aligns with its "Make More in America" initiative, aiming to bolster domestic production. Julian Treger, CoTec CEO, emphasized the project's potential contribution to U.S. magnet independence, while Will Dawes, Mkango CEO, highlighted its transformative impact on rare earth supply chains in the U.S.

HyProMag's innovative HPMS recycling technology, backed by significant R&D, positions it favorably against chemical-based counterparts. The Dallas hub plans include substantial production of recycled magnets and creation of skilled jobs, with a 40-year operational lifespan.