Mkango Subsidiary, Maginito, and CoTec Form US Joint Venture
HyProMag is 100 per cent owned by Maginito Limited (“Maginito”), which is owned on a 90:10 basis by Mkango and CoTec.
- HyProMag is 100 per cent owned by Maginito Limited (“Maginito”), which is owned on a 90:10 basis by Mkango and CoTec.
- Following completion of the Feasibility Study, CoTec and Mkango would make a joint decision on whether the Joint Venture will proceed with the construction of the US Project.
- CoTec will fund the initial operations of the Joint Venture, including the costs of the Feasibility Study.
- CoTec and Mkango also expect that the Joint Venture will seek US government funding for the US Project.