HyProMag USA’s Expanded Detailed Engineering Phase: Three HPMS Vessels and Future Expansion
CoTec Holdings Corp. and Mkango Resources Ltd., two leading companies in the permanent magnet industry, have recently announced an expansion of HyProMag USA’s detailed engineering phase for its permanent magnet recycling and manufacturing project. This expansion includes the addition of three HPMSi vessels to the project.
Expansion of HyProMag USA’s Detailed Engineering Phase
HyProMag USA, a joint venture between CoTec and Mkango, is set to expand the detailed engineering phase of its permanent magnet recycling and manufacturing project in the United States. This expansion comes as a response to the growing demand for neodymium-praseodymium (Nd-Pr) magnets, which are essential components in various industries such as automotive, wind energy, and electronics.
The project, which is located in the Magnet Recycling Center in Indiana, was initially planned to include one HPMSi vessel. However, the addition of three more vessels to the project is a significant development that will increase the capacity of the facility and help meet the rising demand for Nd-Pr magnets.
Impact on the Industry and the World
The expansion of HyProMag USA’s detailed engineering phase is expected to have a positive impact on the permanent magnet industry and the world as a whole. With the addition of three HPMSi vessels, the facility will be able to recycle up to 7,500 metric tonnes of Nd-Pr magnets per year, which is a substantial increase from the initial capacity of 2,500 metric tonnes per year.
This expansion will not only help meet the growing demand for Nd-Pr magnets but also reduce the reliance on China, which currently dominates the global market for Nd-Pr magnets. The United States and other countries are looking to diversify their sources of supply and increase domestic production to reduce their dependence on imports.
Concept Studies for Further Expansion and Complementary “Long Loop” Recycling
Moreover, HyProMag USA has initiated concept studies for further expansion of the Project. These studies include the exploration of complementary “long loop” recycling, which involves the production of rare earth elements (REEs) from waste materials. This approach will allow HyProMag USA to produce a closed-loop system that recycles Nd-Pr magnets and produces REEs, creating a sustainable and circular economy for these critical materials.
The expansion of HyProMag USA’s detailed engineering phase and the exploration of complementary “long loop” recycling are significant developments in the permanent magnet industry. These initiatives will help meet the growing demand for Nd-Pr magnets, reduce dependence on imports, and create a sustainable and circular economy for REEs.
Conclusion
In conclusion, the expansion of HyProMag USA’s detailed engineering phase to include three HPMSi vessels is a significant development in the permanent magnet industry. With the addition of these vessels, HyProMag USA will be able to recycle up to 7,500 metric tonnes of Nd-Pr magnets per year, helping meet the growing demand for these critical materials. Moreover, the exploration of complementary “long loop” recycling will create a sustainable and circular economy for REEs and reduce dependence on imports. These initiatives are expected to have a positive impact on the industry and the world as a whole.
- HyProMag USA expands detailed engineering phase to include three HPMSi vessels
- Project located in the Magnet Recycling Center in Indiana
- Capacity increased to 7,500 metric tonnes of Nd-Pr magnets per year
- Reduces dependence on China for Nd-Pr magnets
- Explores complementary “long loop” recycling for sustainable and circular economy
