CoTec Holdings Notes Progress in North Texas Rare Earth Facility

CoTec Holdings Corp. has announced a significant advancement at its joint venture, HyProMag USA LLC. The first major process equipment has been delivered to its rare earth magnet facility in Northlake, Texas. This development marks a crucial step towards the project's completion.

The facility, located in Denton County, is strategically positioned near major infrastructure. HyProMag USA has secured a long-term lease at Ironhead Commerce Center and is progressing with necessary permits and contractor selections. Initial operations are projected for early 2027, with a full roll-out expected by mid-2028.

The Northlake facility aims to produce approximately 1,526 metric tons yearly upon Phase 2 completion, creating around 100 jobs. An expansion study indicates potential production of 4,192 metric tons of NdFeB magnets by 2034. This project is expected to bolster the U.S. rare earth magnet supply chain, reduce dependency on imports, and support local manufacturing.