TSX-V: CTH
Last: 1.16
Change: 0.00
Vol: 2,600
Sector: Rare Earth Magnets
Location: United States
CoTec Interest: 50% direct interest in HyProMag USA plus an indirect interest through CoTec’s 20.6% ownership of Maginito
HyProMag USA is developing a U.S. rare earth magnet recycling and manufacturing platform based on the patented Hydrogen Processing of Magnet Scrap technology developed at the University of Birmingham.
The platform is designed to recover neodymium-iron-boron magnets from end-of-life products and return that material to the supply chain as recycled alloy, sintered magnet products and finished magnets.
HyProMag USA is owned 50:50 by CoTec and HyProMag Limited. CoTec also owns 20.6% of Maginito Limited, the owner of HyProMag Limited.
HyProMag USA has taken occupation of an approximately 125,000-square-foot facility at the Ironhead Commerce Center in Northlake, Texas, within the Dallas-Fort Worth area.
The facility is being developed as the central hub of HyProMag USA’s U.S. recycling and magnet-manufacturing platform.
Initial magnet-finishing equipment is targeted for commissioning in the first half of 2027, allowing HyProMag USA to begin producing customer-ready magnets in the United States using magnet blocks supplied by HyProMag operations in Europe.
Commissioning of the integrated HPMS recycling section is currently targeted for Q2 2028, followed by staged ramp-up.
Pre-processing systems have also been installed at Intelligent Lifecycle Solutions facilities in South Carolina and Nevada.
These operations are designed to process magnet-bearing products such as hard disk drives and provide feedstock to the Texas Hub, while HyProMag USA continues to pursue additional feedstock from motors, MRI equipment, actuators and other end-of-life products.
Detailed engineering for the Texas platform has contemplated total payable production capacity of approximately 1,526 tonnes per annum of recycled NdFeB products at full planned capacity.
Longer-term concept studies have also evaluated additional manufacturing hubs in South Carolina and Nevada, providing a potential pathway to approximately 4,656 tonnes per annum of saleable NdFeB products across three U.S. hubs.
These expansion plans remain subject to further engineering, feedstock availability, financing, permitting and investment decisions.