Mkango Resources Ltd. has completed the acquisition of the Remloy rare earth magnet recycling business in Bitterfeld, Germany, from Heraeus Amloy Technologies GmbH for a total cash consideration of €8 million. The company settled the initial €5 million portion upon completion, with the remaining €3 million balance structured as a deferred cash payment payable on August 28, 2028.

The transaction establishes a medium-loop recycling footprint utilizing a melting process to produce neodymium-iron-boron alloy powders for bonded and hot deformed magnet markets, targeting an annual capacity of at least 500 tonnes. This capability complements the short-loop recycling operations of HyProMag Limited and the long-loop chemical processing route developed by Mkango Rare Earths UK Ltd. As part of the transition, former co-head of Heraeus Remloy David Bender has been appointed Managing Director of Remloy, supported by Karsten Rachut as Head of Technology and Matthias Weber as Head of Operations.

Financial backing for the broader corporate group has strengthened alongside these operational milestones. Mkango reported a cash position of US$13.6 million as of June 30, 2026. Additional capital was secured post-period through the exercise of warrants and options, generating proceeds of £94,500 and C$73,350, equivalent to a combined total of US$180,515.

Operational scale-up is advancing across international jurisdictions. In the United Kingdom, HyProMag is targeting steady-state operations and scale-up to between 100 and 350 tonnes per year of NdFeB magnets and alloys at Tyseley Energy Park by the end of 2026, supported by commercial-scale hydrogen processing and sintering equipment. In North America, HyProMag USA took occupation of its Dallas-Fort Worth facility in Texas on June 3, 2026, following the finalization of a lease for 50 percent of Building 1 at the Ironhead Commerce Center. HyProMag USA plans phased commissioning of the Texas Hub, targeting magnet finishing operations in the first half of 2027 and the integrated hydrogen processing section in the second quarter of 2028. The Texas project has received a domestic finance letter of interest of up to $92 million from the U.S. Export-Import Bank.

Corporate structuring also continues for the proposed business combination between Mkango Rare Earths Limited and Crown PropTech Acquisitions, which aims to create a Nasdaq-listed rare earth platform housing the Songwe Hill project in Malawi and the Pulawy separation plant project in Poland. Completion of the Proposed Business Combination is subject to conditions including Nasdaq listing approval, regulatory clearances, and shareholder votes from both entities.

Read the full announcement: MKA Half Year 2026 Results