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Mkango Resources targets advancement of Songwe Hill project

During the first half, an updated mineral resource for Songwe had indicated a “substantial increase” in geological confidence for the completion of a feasibility study

Mkango Resources Ltd - Mkango Resources targets advancement of Songwe Hill project

Mkango Resources Ltd (LON:MKA) (CVE:MKA) is targeting the advancement of its Songwe Hill project in Malawi as it looks to downstream opportunities relating to the rare earths supply chain.

In its results for the six months ended 30 June, the company said during the period an updated mineral resource for Songwe had indicated a “substantial increase” in geological confidence to support the completion of a feasibility study at the site, which would be achieved thanks to a £7mln payment from an investment agreement with rare earths player Talaxis.

READ: Government minister in Malawi re-iterates support for Mkango, as feasibility work at Songwe continues

Mkango also said during the year it had commenced an exploration programme at its Thambani Licence, which was focused on “further definition of uranium, tantalum and niobium mineralisation” in the area while also evaluating partnership opportunities for the project.

In the figures for the half-year, the company reported a net loss of US$1.06mln, less than the US$2.07mln loss the year before, while it reported revenue of US$87, down from US$830 in 2018.

In early London trading on Thursday, Mkango shares were 2.3% higher at 6.8p.

Quick facts: Mkango Resources Ltd

Price: 7.21 GBX

LSE:MKA
Market: LSE
Market Cap: £9.59 m
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