HyProMag May Get $92mn for Rare Earth Magnet Recycling

HyProMag

HyProMag Expands Rare Earth Recycling with US Support

HyProMag may receive up to $92mn from the US Export-Import Bank to build a rare earth magnet recycling and production hub in Texas. The proposed financing, with a 10-year repayment term, would support the development of a Dallas-Fort Worth facility capable of processing 750 tonnes of recycled NdFeB magnets annually. The hub will also produce over 800 tonnes of NdFeB co-products.

The project is part of HyProMag’s broader effort to commercialize hydrogen processing of magnet scrap recycling technology across the UK, Germany, and the US. The Texas facility is expected to take five years to commission and operate for 40 years, positioning HyProMag as a key player in securing North American rare earth supply chains.

Strategic Positioning in Critical Raw Materials

HyProMag’s US expansion includes pre-processing facilities in South Carolina and Nevada, which will support the main Texas hub. This network is designed to create a domestic supply chain for recycled rare earth magnets, reducing reliance on primary extraction and overseas suppliers.

Investor Mkango Resources also links the project to its international portfolio, including Malawi’s Songwe Hill rare earths mine and Poland’s Pulawy separation project. Both projects are recognized under the EU Critical Raw Materials Act, highlighting their strategic importance in diversifying global rare earth supply.

The Metalnomist Commentary

HyProMag’s planned Texas hub signals a decisive shift toward circular economy solutions in the rare earth sector. If secured, the $92mn financing would not only strengthen US supply chain independence but also reduce environmental impacts from mining. This move underscores growing geopolitical pressure to secure rare earth materials domestically.