Maginito has completed its purchase of HyProMag
The UK magnet technology company Maginito has taken a 100% share in its compatriot company HyProMag, which specialises in extracting and demagnetising NdFeB alloy powders.
Earlier this year, Maginito purchased a 42% share in HyProMag for UK 1 million. Now the firm has confirmed that it has upped its stake to 100%.
HyProMag is focused on short loop rare earth magnet recycling in the UK via a chemical route. The two companies say they will now form a US subsidiary to develop rare earth recycling opportunities in North America.
Maginito says its mission is "to pursue downstream green technology opportunities in the rare earths supply chain, encompassing NdFeB magnet recycling and innovative rare earth alloy, magnet and separation technologies". The UK firm is 90% owned by Canada's Mkango.