Mkango Resources Ltd (MKNGF) Eyes UK Rare Earth Production Expansion

Mkango Resources Ltd (OTCMKTS:MKNGF) is one of the best rare earth stocks to buy now. On July 7, the company confirmed the first production run on its commercial-scale Hydrogen Processing of Magnet Scrap (HPMS) vessel at the Tyseley Energy Park recycling plant in Birmingham.

Mkango Resources Ltd (MKNGF) Eyes UK Rare Earth Production Expansion

The plant is scheduled to be commissioned over the coming months, serving as the only commercial-scale facility for producing rare-earth sintered magnets in the UK. Compared to the primary production of NdFeB and other recovered NdFeB products, the HPMS-processed NdFeB product has a smaller carbon footprint and a total rare earth concentration of more than 28%. It is comparable to a typical NdFeB alloy used in the fabrication of magnets.

The production run in Birmingham is expected to supply high-grade NdFeB alloy powder for third-party processing. In the long run, it should supply 0.5 tons per month of recycled product.

“Bringing back sintered magnet manufacturing to the UK after a 20-year hiatus will be a major step forward for the UK’s critical mineral ambitions. It also creates a strong platform for further expansion in the UK and we are evaluating expansion options and partnership opportunities to accelerate development,” said Mkango CEO Will Dawes.

Mkango Resources Ltd (OTCMKTS:MKNGF) is a company focused on developing sustainable sources of rare earth elements, specifically neodymium, praseodymium, dysprosium, and terbium. Its strategy involves mine, refine, and recycle approach that differentiates it from other companies in the rare earths sector.

While we acknowledge the potential of MKNGF to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than MKNGF and that has 100x upside potential, check out our report about this cheapest AI stock.

READ NEXT: Top 10 Materials Stocks to Buy According to Analysts and 10 Best Organic Food and Farming Stocks to Buy Now.

Disclosure: None. This article is originally published at Insider Monkey.