Mkango closes €8M buy of Heraeus magnet recycler Remloy

What's the deal? Mkango ResourcesDealroom has a profile for this one. Try Dealroom → has completed the acquisition of rare earth magnet recycling business RemloyDealroom has a profile for this one. Try Dealroom → from Heraeus Amloy TechnologiesDealroom has a profile for this one. Try Dealroom → for €8 million ($9.3 million) in cash. Mkango paid €5 million ($5.8 million) at closing, with the remaining €3 million ($3.5 million) due on August 28, 2028.

What each side brings: Remloy runs a commissioned plant in Bitterfeld, Germany, that recycles end-of-life rare earth magnets through a melting process to produce neodymium-iron-boron (NdFeB) alloy powders. It targets capacity of at least 500 tonnes per year.

The deal also hands Mkango a stockpile of roughly 345 tonnes of end-of-life magnets, rare earth alloys, and other raw materials as at completion.

What's the endgame? Mkango says the acquisition positions it across the full rare earth supply chain in Europe and North America, spanning recycling, magnet and alloy manufacturing, separation, and mining. Remloy's melting process complements the short loop recycling of Mkango's HyProMagDealroom has a profile for this one. Try Dealroom → and the long loop process of Mkango Rare Earths UKDealroom has a profile for this one. Try Dealroom →.

Who's running it? David Bender, former co-head of Heraeus Remloy, has been appointed managing director, working with the Mkango and HyProMag teams. He will be supported by technology head Karsten Rachut and operations head Matthias Weber.

The near-term focus is small-scale production for product optimisation, initial sales, and customer samples, alongside offtake talks to support a scale-up over the next few years.

"We are now entering a crucial phase in which we will make our products available to customers on a larger scale," Bender said.

The signal: The deal reflects a push to build a European rare earth supply chain independent of dominant overseas producers. Chief executive officer William Dawes said Mkango is now "uniquely positioned across the whole rare earth supply chain," with projects across the UK, Germany, the US, Poland, and Malawi.

Image credit: Oeko-Institut e.V.