Mkango Resources (AIM:MKA), the AIM and TSX-V listed rare earths recycling and mining group, has completed its acquisition of Remloy from Heraeus Amloy Technologies GmbH.
The deal, first announced on 20 May, values Remloy at €8 million (US$9.3 million), with €5 million (US$5.8 million) paid in cash on closing and the remaining €3 million (US$3.5 million) due on 28 August 2028.
Remloy operates a plant in Bitterfeld, Germany, that recycles end-of-life rare earth magnets through a melting process to produce neodymium-iron-boron alloy powders for bonded and hot deformed magnet markets, targeting capacity of at least 500 tonnes a year.
The business comes with a stockpile of around 345 tonnes of end-of-life magnets, alloys and raw materials, which Mkango says will help underpin future feedstock and growth for both Remloy and its existing HyProMag recycling unit.
David Bender, the former co-Head of Heraeus Remloy, becomes Managing Director of Remloy from completion.
Chief executive William Dawes said the acquisition leaves Mkango "uniquely positioned across the whole rare earth supply chain in Europe and North America", spanning recycling, magnet and alloy manufacturing in the UK, Germany and the US, separation in Poland, and mining in Malawi.
Mkango is also pursuing a NASDAQ listing for its Songwe Hill and Puławy projects via a proposed business combination with Crown PropTech Acquisitions.
News Intelligence what this means for the company
Mkango has closed its €8 million acquisition of Remloy, a German rare earth magnet recycler, adding a third recycling process to its European footprint. The deal includes €5 million paid upfront and €3 million deferred to August 2028, plus a 345-tonne stockpile of end-of-life magnets and raw materials that Mkango says will support feedstock for both Remloy and its existing HyProMag unit. CEO William Dawes frames this as positioning Mkango across the full rare earth supply chain in Europe and North America—recycling, magnet and alloy manufacturing, separation, and mining—a vertical integration play in a sector increasingly tied to EU critical minerals policy.
For a pre-revenue junior developer, this shifts the narrative from pure exploration risk toward downstream supply-chain assets and near-term recycling revenue. The deferred payment structure (€3m in 2028) is modest relative to the upfront outlay, but the real test is whether Remloy's 500-tonne-per-year capacity target and the inherited feedstock stockpile translate to cash generation before Songwe Hill reaches production—a key de-risking lever if execution holds.
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