ACCESS Newswire·Nov 9, 2026, 7:00 AM ET

Mkango Magnetic Materials Limited Announces HyProMag USA Advances Texas Re Magnet Facility

HyProMag USA has delivered the first major process equipment to its rare earth magnet recycling and manufacturing facility in Northlake, Texas.
The Northlake facility targets an initial annual production of approximately 1,526 metric tonnes of recycled NdFeB magnets & expects to create 100 direct jobs.
HyProMag USA secured a long-term lease for the site in December 2025 & has obtained electrical power capacity from Oncor Electric Delivery Company LLC.
Initial magnet cutting & finishing operations are targeted for the first half of 2027, with Phase 1 commissioning scheduled for mid-2028.
An Expansion Pre-Feasibility Study confirmed potential to increase capacity to approximately 4,192 metric tonnes of NdFeB magnet production & 6,000 metric tonnes of total salable materials annually by 2034.
The project utilizes HPMS technology, which reportedly uses 88% less energy & reduces carbon emissions by 85% compared to conventional methods.
HyProMag USA is a 50:50 joint venture owned by CoTec Holdings Corp. & HyProMag Limited, which is ultimately owned by Mkango Magnetic Materials Limited & CoTec.
The initiative aims to support U.S. manufacturing by recovering magnetic materials from end-of-life products & reducing reliance on imported rare earth materials.