US Rare Earth Recycler Receives Letter of Intent for 92 Million Loan

Published: Jun 16, 2025 15:22

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HyProMag USA, a US rare earth recycler, has received a letter of intent worth up to $92 million from the US Export-Import Bank to develop a rare earth recycling and magnet manufacturing facility in the Dallas-Fort Worth area of Texas. HyProMag's plan includes establishing recycling and magnet centers in the Dallas-Fort Worth area, as well as pre-processing facilities in South Carolina and Nevada. The Texas center will have a capacity to recycle 750 mt/year of sintered NdFeB magnets and produce 807 mt/year of NdFeB co-products. It is expected to take 5 years to put into use and will operate for 40 years.

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