Mkango Resources (MKA)

Sector:

Mining

Index:

FTSE AIM All-Share

21.25p
   
  • Change Today:
    -0.25p
  • 52 Week High: 37.50p
  • 52 Week Low: 18.50p
  • Currency: UK Pounds
  • Shares Issued: 215.21m
  • Volume: 147,898
  • Market Cap: £45.73m

Mkango joins UK rare earth magnet project

By Josh White

Date: Monday 14 Mar 2022

LONDON (ShareCast) - (Sharecast News) - Mkango announced on Monday that its UK rare earths division would collaborate with HyProMag, Bowers & Wilkins, European Metal Recycling (EMR), GKN Automotive, Jaguar Land Rover, and the University of Birmingham (UoB) in a grant-funded rare earth magnet project.
The AIM-traded firm said the project, funded by UK Research and Innovation, was titled 'Secure Critical Rare Earth Magnets for UK' (SCREAM).

It said SCREAM would establish a recycled source of rare earth magnets in the UK to provide greater security of supply to UK industry, while aiming to achieve a 10% reduction in cost and a "significant reduction" in environmental impact, with an estimated 88% less energy for short loop recycled magnets versus primary mining-to-separation-to-alloy-to-magnet production.

The project would include pilot plants for short loop recycling, encompassing scrap pre-processing, hydrogen processing of magnet scrap (HPMS), and production of recycled sintered magnets, as well as for complementary recycling routes, being remelting and strip casting to produce neodymium, iron and boron (NdFeB) alloys, as well as chemical processing.

Mkango said its role would be to establish a pilot plant in the UK to chemically process recycled HPMS NdFeB powder and magnet swarf - the powder produced from grinding and finishing magnets - from a range of scrap sources, including electronic waste, electric motors and wind turbines, complementing the short loop magnet recycling routes being developed in parallel.

HyProMag, meanwhile, would work with the UoB to develop a new semi-continuous version of the HPMS process, and to produce short loop recycled sintered magnets at multiple grades to match the requirements for a range of applications.

"We are very excited about this innovative project and the opportunity to develop chemical processing of NdFeB magnet scrap in the UK alongside supporting the scale up of the HPMS technology via our strategic interest in HyProMag," said chief executive officer William Dawes.

"We envisage that the recycling of rare earth magnets will play a key role in the development of robust supply chains to catalyse and support growth in the electric vehicle sector and in other clean technologies.

"This project further cements Mkango's and HyProMag's early mover advantage in the rare earth magnet recycling sector, highlighting its competitive position and strong network of industry and academic partners."

At 1127 GMT, shares in Mkango Resources were up 2.62% at 26.17p.

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MKA Market Data

Currency UK Pounds
Share Price 21.25p
Change Today -0.25p
% Change -1.16 %
52 Week High 37.50p
52 Week Low 18.50p
Volume 147,898
Shares Issued 215.21m
Market Cap £45.73m

MKA Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
56.51% below the market average56.51% below the market average56.51% below the market average56.51% below the market average56.51% below the market average
41.88% below the sector average41.88% below the sector average41.88% below the sector average41.88% below the sector average41.88% below the sector average
Price Trend
16.97% above the market average16.97% above the market average16.97% above the market average16.97% above the market average16.97% above the market average
26.39% above the sector average26.39% above the sector average26.39% above the sector average26.39% above the sector average26.39% above the sector average
Income Not Available
Growth Not Available

MKA Dividends

No dividends found

Trades for 28-Jun-2022

Time Volume / Share Price
12:42 5,000 @ 21.17p
11:10 35,000 @ 21.16p
10:18 5,000 @ 21.49p
10:07 70,000 @ 21.45p
09:44 11,664 @ 21.45p

MKA Key Personnel

CEO William (Will) Drummond Dawes

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