StockMarketWire.com - Mining group Mkango Resources said investee company HyProMag had established an 80%-owned German subsidiary.

The remaining 20% of the German group was held by Professor Carlo Burkhardt of Pforzheim University in Germany.

Mkango's wholly owned subsidiary Maginito held a 42% equity interest in HyProMag, with an option to increase it up to 49%.

'Germany is a major producer and market for rare earth magnets in Europe, and the establishment of HyProMag GmbH provides a strong platform to grow the business in the region,' Mkango said.

'Germany has no domestic sources of primary rare earths.'

'Development of domestic sources of recycled rare earths via the patented HPMS is a significant opportunity to diversify and strengthen development of a more resilient rare earths supply chain in Europe.'


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