CoTec Holdings Corp. Highlights Progress in U.S. Magnet Platform

CoTec Holdings Corp., via its joint venture HyProMag USA, announced advancements in the development of its Texas Hub for rare earth magnet recycling. The company has initiated procurement of essential equipment and increased projected magnet production capacity. With detailed engineering and feedstock discussions underway, the facility aims for commissioning in H2 2027.

Significant progress includes ordering long-lead equipment like HPMS vessels and magnet processing systems, bolstering the development schedule. The Texas Hub is expected to produce approximately 1,048 metric tons of recycled magnets annually. The post-tax NPV is estimated at $797 million under forecast market prices, with initial capital costs around $152 million.

HyProMag USA is also strengthening its leadership team in the U.S. and exploring future expansions. Preparatory work has commenced at the Ironhead site, and new technology installations are underway at pre-processing sites. Talks with potential feedstock suppliers and offtake partners continue to secure project financing.