HYPROMAG USA COMMENCES PROCESS TO APPOINT EPCM PROVIDER FOR RARE EARTH MAGNET RECYCLING AND MANUFACTURING PROJECT

LONDON, UK AND VANCOUVER, BC / ACCESSWIRE / December 5, 2024 / CoTec Holdings Corp. (TSXV:CTH)(OTCQB:CTHCF) (“CoTec”) and Mkango Resources Ltd. (AIM:MKA)(TSXV:MKA) (“Mkango”) are pleased to announce the initiation of a “Request for Proposal” process from leading Engineering, Procurement and Construction Management (“EPCM”) providers to complete the detailed engineering design, procurement and construction management phase for HyProMag USA LLC.

HyProMag USA, a joint venture between CoTec and Mkango, is focused on the recycling and manufacturing of rare earth magnets. Rare earth magnets are vital components in many electronic devices and renewable energy technologies. By recycling these magnets, HyProMag USA aims to reduce waste and promote sustainability in the electronics industry.

WHY IS RARE EARTH MAGNET RECYCLING IMPORTANT?

Rare earth magnets are critical for the production of electric vehicles, wind turbines, and other green technologies. However, the mining of rare earth elements is associated with environmental concerns and human rights issues. Recycling rare earth magnets not only reduces the need for new mining but also helps in managing electronic waste effectively.

The appointment of an EPCM provider for HyProMag USA’s project signifies a significant step towards the realization of a sustainable rare earth magnet recycling and manufacturing facility. The selected EPCM provider will be responsible for overseeing the detailed engineering design, procurement of equipment, and managing the construction phase of the project.

THE IMPACT OF HYROMAG USA’S PROJECT

As HyProMag USA moves forward with its rare earth magnet recycling and manufacturing project, it is expected to have a positive impact both locally and globally. The project will create job opportunities, promote innovation in recycling technologies, and contribute to the development of a circular economy for rare earth materials.

Additionally, by reducing the reliance on traditional mining methods for rare earth elements, HyProMag USA’s project will contribute to a more sustainable and environmentally-friendly supply chain for electronic devices and renewable energy technologies.

Impact on Individuals:

The appointment of an EPCM provider for HyProMag USA’s project could potentially create job opportunities for individuals with expertise in engineering, procurement, and construction management. As the project progresses, there may be opportunities for skilled workers to participate in the construction and operation of the rare earth magnet recycling facility.

Impact on the World:

HyProMag USA’s rare earth magnet recycling and manufacturing project has the potential to make a significant impact on the world by promoting sustainability in the electronics industry. By recycling rare earth magnets, the project will help reduce waste, lower the environmental impact of rare earth mining, and contribute to the development of a more circular economy for critical materials.

Conclusion

The initiation of the “Request for Proposal” process for the appointment of an EPCM provider for HyProMag USA’s rare earth magnet recycling and manufacturing project marks an important milestone in the journey towards a more sustainable and environmentally-friendly electronics industry. By focusing on recycling rare earth magnets, HyProMag USA is not only addressing the challenges of electronic waste management but also contributing to the development of a greener and more sustainable future.