What Mkango Resources does

Mkango Resources Ltd. is a Canadian public company (AIM: MKA.L, TSX-V: MKA) incorporated in British Columbia with corporate headquarters in Vancouver, developing a vertically integrated rare earths business spanning primary mining, chemical separation, and magnet recycling across five jurisdictions (Canada, Malawi, Poland, UK, USA). The company operates two primary upstream assets — the advanced-stage Songwe Hill carbonatite-hosted rare earths project in Malawi (Mining Development Agreement signed July 2024) and the Pulawy rare earths separation plant in Poland — both designated EU Strategic Projects under the Critical Raw Materials Act. Through its 79.4%-owned subsidiary Maginito Limited (20.6% owned by CoTec Holdings), Mkango holds 100% of UK-based HyProMag Limited and 90% of HyProMag GmbH in Germany, both commercializing the Hydrogen Processing of Magnet Scrap (HPMS) technology licensed from the University of Birmingham's Magnetic Materials Group for short-loop NdFeB magnet recycling.

The core HPMS technology separates and recovers neodymium-iron-boron (NdFeB) magnets from end-of-life products (EVs, wind turbines, electronics, HDDs) into magnet-grade alloy powder directly, without chemical processing stages, delivering an independently verified 88% reduction in energy consumption and 85% reduction in carbon emissions versus conventional hydrometallurgical recycling, with a carbon footprint of 2.35 kg CO2 eq/kg NdFeB. Mkango's revenue model is anchored on B2B sales of recycled NdFeB alloy powders and sintered magnets to industrial customers in EVs, wind energy, defense, and AI infrastructure, with pricing negotiated through offtake agreements rather than publicly disclosed. The company pursues project financing, government-backed R&D collaborations (notably the £6.5M REACT UK consortium with Jaguar Land Rover), and consortium-based go-to-market, with plans for a SPAC merger (Crown PropTech Acquisitions) to list Mkango Rare Earths Limited on Nasdaq. HyProMag USA LLC, a 50/50 joint venture with CoTec, is expanding the model into the United States with a hub-and-spoke architecture anchored on a planned Dallas-Fort Worth Texas manufacturing facility targeted for H2 2027 commissioning.

Name

Mkango Resources

Legal name

Mkango Resources Ltd.

Website

http://www.mkango.ca

Company type

Public

Founded year

2007

Operating status

Operating

Headcount range

11–50 employees

Short description

Mkango Resources Ltd. is a Canadian public rare earths company developing vertically integrated NdFeB magnet recycling and primary mining operations across Malawi, Poland, the UK, Germany, and the USA, serving EV, wind energy, defense, and electronics manufacturers through its patented HPMS recycling technology.

Ownership category

akta.pro rank

Product category

Rare Earth Magnet Recycling and Manufacturing

NAICS

Materials Recovery Facilities (562920), Support Activities for Metal Mining (213114)

SIC

Miscellaneous Metal Ores (1090), Primary Smelting & Refining Of Nonferrous Metals (3330)

akta.pro primary industry

E-Waste & Electronics Metal Recovery (ITAD, Circuit Boards, Precious Metal Recovery) (IMAKAMAG)

akta.pro secondary industries

Precious & Specialty Metal Recovery (Smelting, Refining, Hydrometallurgy) (EUAIAIAD), Scrap Metal Collection, Logistics & Aggregation (Yards, Roll-off, Container Programs) (IMAKAMAK), Metals Recycling & Processing (Ferrous/Non-Ferrous) (BPALADAF)

Keywords

• Rare earth magnets
• Neodymium iron boron recycling
• Critical minerals processing
• Rare earth alloys oxides
• NdFeB magnet manufacturing

Headquarters

HQ city

Calgary

HQ country

Canada

HQ region

North America

Offices5 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Infrastructure, Technology or R&D, Personnel, Operations, Marketing or Sales

Revenue model

1. Recycled NdFeB alloy powder and magnet sales: Mkango generates revenue through the sale of recycled NdFeB alloy powders and sintered rare earth magnets produced at its UK and Germany recycling facilities. The company reported successful production and sales of recycled NdFeB alloy powder from UK, Germany, and USA operations in Q3 2025.
2. Rare earth project development (Songwe Hill, Pulawy): Development of primary rare earth mining (Songwe Hill, Malawi) and separation (Pulawy, Poland) projects targeting production of neodymium, praseodymium, dysprosium, and terbium oxides for sale to EV, wind turbine, and clean energy manufacturers. Both projects are designated EU Strategic Projects under the Critical Raw Materials Act.
3. HyProMag USA joint venture: 50:50 joint venture with CoTec Holdings developing rare earth magnet recycling and manufacturing in the US via HyProMag USA LLC, targeting domestic supply chains for NdFeB magnets used in EVs, AI infrastructure, and defense systems.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Mkango Resources produces recycled rare earth magnets, alloys, and oxides through its 79.4%-owned subsidiary Maginito, using Hydrogen Processing of Magnet Scrap (HPMS) technology licensed from the University of Birmingham. The company operates short-loop recycling facilities in the UK (Birmingham) and Germany (Pforzheim, with Remloy Bitterfeld pending), long-loop recycling via Mkango Rare Earths UK, and is building US capacity through the 50/50 HyProMag USA joint venture with CoTec. It also develops primary rare earth mining at Songwe Hill (Malawi) and separation at Pulawy (Poland), both designated EU Strategic Projects under the Critical Raw Materials Act.

Product overview

Mkango Resources is a rare earths company operating through its 79.4%-owned subsidiary Maginito Limited. The company operates two recycling pathways: short-loop recycling via HyProMag (using proprietary Hydrogen Processing of Magnet Scrap technology in the UK and Germany) and long-loop recycling via Mkango Rare Earths UK (chemical route). Through the HyProMag USA 50/50 joint venture with CoTec Holdings, Mkango is expanding into the U.S. market with a hub-and-spoke model including pre-processing sites in South Carolina and Nevada and a planned Texas Hub manufacturing facility. The company also develops traditional mining assets including the Songwe Hill rare earths project in Malawi and the Pulawy rare earths separation plant in Poland, both designated as EU Strategic Projects. In May 2026, Mkango acquired the Remloy recycling business from Heraeus to add additional German recycling capacity.

Differentiator

Problem solved

Functional benefit

Products and services

• HyProMag Short-Loop NdFeB Recycling (UK) Short-loop rare earth magnet recycling service using Hydrogen Processing of Magnet Scrap (HPMS) to recover NdFeB magnets from end-of-life products, supplied to industrial buyers in EV, wind, defense, and electronics sectors.
• HyProMag GmbH Short-Loop Recycling (Germany) Short-loop rare earth magnet recycling in Germany producing NdFeB magnets and alloys using HPMS technology, for European automotive and clean energy industrial customers.
• Mkango Rare Earths UK Long-Loop Recycling Long-loop rare earth magnet recycling in the UK via a chemical route, complementing HPMS short-loop recycling and supporting the REACT UK automotive supply chain initiative.
• HyProMag USA NdFeB Recycling and Manufacturing 50/50 joint venture with CoTec Holdings developing US rare earth magnet recycling and manufacturing hubs (Texas, South Carolina, Nevada) targeting defense, EV, and AI infrastructure customers.
• Songwe Hill Rare Earths Project Advanced-stage primary rare earth mining project in Malawi featuring carbonatite-hosted mineralisation, with a completed 2022 Definitive Feasibility Study and a 2024 Mining Development Agreement signed with the Government of Malawi, designated an EU Strategic Project under the Critical Raw Materials Act.
• Pulawy Rare Earths Separation Plant Proposed rare earth separation plant in Poland designated as an EU Strategic Project under the Critical Raw Materials Act, supporting production of neodymium, praseodymium, dysprosium, and terbium oxides.
• Remloy Recycling Facility (Bitterfeld, Germany) Medium-loop rare earth magnet recycling facility in Bitterfeld, Germany, processing end-of-life rare earth magnets into NdFeB alloy powders for bonded and hot-deformed magnet markets.

Quantifiable outcome

• 88% reduction in energy consumption and 85% reduction in carbon emissions compared to conventional hydrometallurgical recycling
• +4 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Six partnerships are on record, tiered flagship and core.

• HyProMag USA LLC (CoTec Holdings / HyProMag Limited joint venture)flagshipStrategic or Co-development Partner · 22 June 202650:50 joint venture between CoTec Holdings Corp. and HyProMag Limited (79.4% owned by Mkango) to develop rare earth magnet recycling and manufacturing in the US via HyProMag USA LLC. Texas Hub targeting H2 2027 commissioning with ~1,526 metric tonnes per annum capacity. HyProMag USA selected as Minerals Security Partnership project by US Department of State.
• Heraeus Amloy Technologies GmbH (Remloy acquisition)coreStrategic or Co-development Partner · 20 May 2026Mkango Resources agreed to acquire Remloy rare earth magnet recycling operation from Heraeus Amloy Technologies for €8 million (US$9.4 million) in cash (€5m at closing, €3m after two years). Remloy operates a facility in Bitterfeld, Germany using medium-loop recycling to process end-of-life rare earth magnets into NdFeB alloy powders for bonded and hot deformed magnet markets. Transaction expected to close summer 2026 pending regulatory approvals, giving Mkango two rare earth recycling facilities in Germany.
• REACT UK Consortium (EMR Group, Jaguar Land Rover, Less Common Metals, University of Birmingham)coreStrategic or Co-development Partner · 14 April 2026The £6.5 million REACT UK project is a three-year consortium funded 49% by UK government (£3.2 million) through the DRIVE35 programme. HyProMag leads the consortium developing a circular UK supply chain for NdFeB magnets from end-of-life EVs, combining HPMS technology with downstream processing to remanufacture automotive-grade magnets. EMR Group handles end-of-life vehicle scrap processing; Jaguar Land Rover provides automotive end-user requirements; Less Common Metals provides alloy processing; University of Birmingham provides HPMS technology expertise.
• Intelligent Lifecycle Solutions (ILS)coreStrategic or Co-development Partner · 13 March 2026ILS serves as HyProMag USA's feedstock aggregation and pre-processing partner. ILS operates facilities in Williston, South Carolina and Reno, Nevada where Inserma HDD magnet pre-processing systems (two automated units processing 60,000+ HDDs per week) are installed. ILS is stockpiling 6-12 months of NdFeB feedstock ahead of Texas Hub commissioning.
• Crown PropTech Acquisitions (CPTK)flagshipStrategic or Co-development Partner · 13 February 2026Mkango Rare Earths Limited (wholly owned by Mkango Resources) and Crown PropTech Acquisitions (NASDAQ-listed SPAC) entered a business combination agreement for a SPAC merger resulting in implied pro forma enterprise value of ~$488 million. MKAR's common shares and warrants expected to list on Nasdaq under symbols MKAR and MKARW. Filing F-4 registration statement with SEC. Business combination deadline extended to September 30, 2026.
• University of Birmingham (Magnetic Materials Group)coreTechnology or Integration · 15 January 2026HPMS technology developed over two decades at the University of Birmingham's Magnetic Materials Group and licensed to HyProMag for commercial use. University provides ongoing R&D support and is a consortium partner in the REACT UK project. The technology is described as the foundation of HyProMag's recycling operations in UK, Germany, and USA.

Scale indicators18 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• REEtec: Norwegian company using a proprietary continuous ion-exchange process to produce separated rare earth oxides. Comparable to Mkango's planned Pulawy separation plant in Poland, both targeting European rare earth oxide production for EV and wind customers.
• Energy Fuels: US-listed uranium and rare earth processor operating a rare earth separation circuit at its White Mesa Mill in Utah, producing NdPr oxide. Comparable as a Western rare earth separation/processing peer pursuing similar Critical Raw Materials Act-aligned value chains.
• USA Rare Earth: US private company developing the Round Top heavy rare earth project in Texas and a sintered NdFeB magnet manufacturing facility in Stillwater, Oklahoma. Directly comparable to Mkango's mining-plus-magnet-manufacturing strategy targeting US defense and EV supply chains.
• Neo Performance Materials: Global producer of rare earth permanent magnets and rare earth oxides with manufacturing in China, Europe, and North America. Directly comparable to Mkango/HyProMag's downstream magnet manufacturing and rare earth oxide businesses serving automotive and industrial customers.
• Less Common Metals: UK-based producer of rare earth alloys and NdFeB alloy powders for permanent magnet manufacturing. Directly comparable to HyProMag's downstream processing and a REACT UK consortium partner; competes for similar sintered NdFeB alloy customers.
• Cyclic Materials: Canadian rare earth and critical materials recycling startup using a hydrometallurgical process to recover magnet rare earths from end-of-life products. Directly comparable to HyProMag's short-loop recycling model and the closest pure-play rare earth recycling peer in North America.
• MP Materials: US-listed operator of the Mountain Pass rare earth mine and processing facility in California, producing NdPr for EV and defense markets. Comparable as a Western integrated rare earth mining and processing platform targeting the same end-customers as Mkango's Songwe Hill and Pulawy assets.

Broad incumbents

• Lynas Rare Earths: Australia-listed world's largest non-Chinese producer of separated rare earths, with Mt Weld mine and Malaysian processing facility. Comparable to Mkango's integrated mining-plus-separation model but at much greater scale and with a more mature commercial track record.
• Solvay: Belgian chemical major with a rare earth separation plant in La Rochelle, France serving European EV and electronics customers. Comparable as a broad incumbent in the rare earth separation/processing space, though Solvay is diversified well beyond rare earths.

Emerging players

• Geomega Resources: Quebec-based developer of rare earth recycling technology (ISR technology) for processing magnet scrap into separated rare earth oxides. Comparable as an emerging Western rare earth recycling peer with similar end-customers but earlier stage than Mkango/HyProMag.

Market position

Strengths3 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/MkangoResources
• LinkedInlinkedin.com/company/mkango-resources-ltd

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries6 records

Funding overview

Funding rounds8 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Mkango Resources