Mkango Resources Ltd. has completed the acquisition of the Remloy rare earth magnet recycling business from Heraeus Amloy Technologies GmbH for €8 million in cash.

The transaction transfers ownership of a fully commissioned production facility located in Bitterfeld, Germany, which uses a melting process to recycle end-of-life rare earth magnets into neodymium-iron-boron alloy powders. The facility is targeting a production capacity of at least 500 tonnes per year.

Mkango settled €5 million in cash upon completion. The remaining balance of €3 million is payable in cash on August 28, 2028.

The purchase also includes approximately 345 tonnes of end-of-life rare earth magnets, rare earth alloys and raw materials. This stockpile will provide immediate feedstock for Remloy and the group's HyProMag operations.

Remloy's medium loop recycling complements HyProMag's short loop recycling process for sintered magnets and Mkango Rare Earths UK's long loop chemical processing route for mixed rare earth carbonates and oxides. David Bender, former co-head of Heraeus Remloy, has been appointed managing director of the acquired business.

“We are very pleased to close this Transaction and look forward to working with the Remloy team and all stakeholders to grow the Remloy business within Mkango. Through this Transaction, we will further develop and strengthen the rare earth supply chain and ecosystem for recycling and magnet manufacturing in Germany and its neighbours. Mkango is now uniquely positioned across the whole rare earth supply chain in Europe and North America, including projects for recycling, magnet and alloy manufacturing in UK, Germany and USA, rare earth separation in Poland and mining in Malawi, with rare earth metal making also under evaluation. Both HyProMag and Remloy can process feedstock derived from recycled end-of-life magnets or from primary rare earth production, whether third party sourced or, in due course, from our own projects, to produce a range of magnet and alloy products, providing customers with a one-stop-shop solution.”

— William Dawes, Chief Executive Officer

Operations at Bitterfeld are currently focused on small-scale production for product optimisation, initial sales, sample generation for customers and ongoing offtake discussions to support a scale-up to full capacity over the next few years.

Read the full announcement: Mkango Completes Acquisition of Remloy