Mkango Resources has completed its acquisition of German rare earth magnet recycling company Remloy from Heraeus Amloy Technologies for €8 million, or approximately $9.3 million. Mkango paid €5 million, or about $5.8 million, at closing.
The remaining €3 million is payable in cash on August 28, 2028, the second anniversary of completion.
Remloy has developed a fully commissioned recycling facility in Bitterfeld, Germany that processes end-of-life rare earth magnets through a melting-based “medium loop” recycling process.
The plant produces neodymium-iron-boron alloy powders intended for bonded and hot-deformed magnet applications.
Target production capacity is at least 500 tonnes of NdFeB alloy powder per year.
The acquired business also holds approximately 345 tonnes of end-of-life rare earth magnets, alloys and other raw materials.
Mkango expects that inventory to provide feedstock for both Remloy and its HyProMag business while potentially creating additional trading opportunities.
Remloy’s technology complements HyProMag’s short-loop recycling process for sintered magnets and Mkango Rare Earths UK’s long-loop chemical process for producing mixed rare earth carbonates and oxides.
Former Remloy co-head David Bender has become Managing Director and will work with Mkango and HyProMag to expand production and capture operating synergies.
The acquisition adds another European operating site to a platform spanning rare earth recycling and magnet production in the U.K., Germany and U.S., planned separation capacity in Poland and the Songwe Hill mining project in Malawi.
KEY QUOTES:
“Mkango is now uniquely positioned across the whole rare earth supply chain in Europe and North America.”
William Dawes, Chief Executive Officer Of Mkango Resources
“We are now entering a crucial phase in which we will make our products available to customers on a larger scale.”
David Bender, Managing Director Of Remloy
