US rare earth recycler HyProMag USA 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 is commercializing hydrogen processing for its magnet scrap recycling technology in the UK, Germany, and the US. The company's plans include a recycling and magnet center in Dallas-Fort Worth, as well as pre-processing facilities in South Carolina and Nevada. The Texas center will have the capacity to recycle 750 mt/year of sintered NdFeB magnets and 807 mt of NdFeB co-products. It will take five years to put into use and will operate for 40 years.