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Corporate Score 42 Bullish

Mkango Resources Secures £6.5 Million UK Grant for Rare Earth Recovery Project

Apr 14, 2026 09:08 UTC
MKNGF
Medium term

Mkango Resources and its subsidiaries have been selected for the DRIVE35 R&D competition to advance automotive circular technologies. The project aims to pioneer the recovery of rare earth elements to support sustainable automotive supply chains.

  • Selected as winners of the DRIVE35 R&D competition
  • Total project cost valued at £6.5 million
  • Focus on the REACT UK (Rare Earth Automotive Circular Technologies) initiative
  • Aims to improve rare earth recovery for the automotive industry
  • Supports strategic goals for critical mineral independence

Mkango Resources (MKNGF), alongside its subsidiaries HyProMag and Mkango UK, has been awarded a funding package totaling £6.5 million through the DRIVE35 R&D competition. The capital is dedicated to the REACT UK (Rare Earth Automotive Circular Technologies) project. The initiative focuses on developing circular economy solutions for rare earth elements, which are critical components in the production of permanent magnets used in electric vehicle (EV) motors. By advancing recovery technologies, the project seeks to create a sustainable loop for these essential materials. The £6.5 million total cost of the project reflects a strategic effort to enhance domestic recovery capabilities and reduce reliance on foreign imports of critical minerals. This alignment with national industrial goals provides Mkango with a non-dilutive capital boost for its research and development efforts. From a market perspective, the success of the REACT UK project could position Mkango as a key player in the critical minerals supply chain. While the immediate financial impact is limited to the grant amount, the long-term value depends on the company's ability to scale these recovery technologies for commercial use in the automotive sector.

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