CoTec and Mkango Advance Hypromag USA Project with Engineering Appointments

CoTec Holdings Corp. and Mkango Resources Ltd. have selected PegasusTSI and BBA USA as lead engineers for Hypromag USA's rare earth magnet project in Texas. The EPCM services contract comes after the completion of a feasibility study in November 2024, indicating a significant net present value and potential financial return.

The project's execution, expected over 24 months, involves collaboration between HyProMag Limited, CoTec, and Mkango. The first revenue is anticipated in the first half of 2027, with an initial target to supply 10% of U.S. domestic demand for NdFeB magnets.

This strategic move is part of a broader effort to enhance U.S. manufacturing capabilities and reduce reliance on foreign rare earth materials. The project will potentially create 90-100 skilled jobs while focusing on sustainable production methods.