CoTec Holdings Corp. has highlighted the inauguration of HyProMag Limited’s new rare earth sintered magnet manufacturing plant at Tyseley Energy Park, officially opened by the UK Minister for Industry on January 15, 2026. The £15 million, 7,500-square-meter facility boasts an annual nameplate capacity of 1,200 tonnes of neodymium-iron-boron (NdFeB) magnets, making it the first commercial-scale operation of its kind in the region. As a 50/50 joint venture partner through HyProMag USA, CoTec notes that the UK plant de-risks the U.S. roll-out by providing a full-scale testbed for process optimization and accelerates verification timelines for American customers, shortening qualification cycles by an estimated 30%. The facility is equipped with a closed-loop rare earth oxide recovery unit, targeting 95% material yield and reducing waste disposal costs by 40%.

CoTec also reported that its portfolio company, MagIron LLC, has completed an independent Definitive Feasibility Study (DFS) and Reserve & Resource Statement for the restart of Plant 4 in Minnesota and the Reynolds Pellet Plant in Indiana. The DFS outlines a staged investment of US $220 million to restore combined capacity to 550,000 tonnes per annum of direct-reduced (DR) grade iron pellets, with initial production of 275,000 tonnes expected within 12 months of funding. Financial modelling shows a pre-tax net present value (NPV) of US $360 million (8% discount rate) and an internal rate of return (IRR) of 28%, supported by estimated cash operating costs of US $45 per tonne of pellets. The Reserve & Resource Statement certifies 18.2 million tonnes of high-grade magnetite ore (6.1% Fe grade cut-off) and 9.4 million tonnes of inferred resources, underpinning a 15-year mine life with upside potential from regional exploration targets.