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Finton. This is a recent account.
What is means for Mkango, anyone's guess.
https://allafrica.com/stories/202304120195.html
Washington, DC
CNN
—
The United States will safeguard its national security, even if it comes at an economic cost to its relationship with China, US Treasury Secretary Janet Yellen said on Thursday.
“Even though these policies may have economic impacts, they’re driven by straightforward national security considerations, and we will not compromise on these concerns even when they make those tradeoffs with our economic interests,” Yellen said.
https://edition.cnn.com/2023/04/20/economy/janet-yellen-us-china-comments/index.html
I'm curious if anyone knows what the state is with the malawi mining act at the moment? Is it in a position where they can OK the MDA? Or does the repealed act still need to be replaced by a new act? Just wondering if I'm expecting an MDA or sounds from the Gov saying they have enacted a new law etc.
https://www.nyasatimes.com/mkango-rescues-and-supports-cyclone-freddy-victims-in-phalombe/
Apologies if already posted. Mentions MDA in the coming weeks at the end.
"Squeaky clean" - No chance!
A share to follow the money imo. There'll be a lot of people involved from the Malawian state, MKA and the teams and advisors. I'm sure they're all squeaky clean, but just in case maybe watch for sneaky buying ahead of grant of MDA/ML... Imo
Absolutely, bonker99. In the meantime, we just have to sit and wait and trust in the management. Which I still am, for now. GLA.
And/or selling options ...
crumbs: I would absolutely expect funding options to be ready to go if/when we finally get approval. All but putting pen to paper should have long since been provisionally agreed IMO.
Straight from the horse's mouth today - that horse being top ECB convicted criminal Christine Lagarde:
"Today the United States is completely dependent on imports for at least 14 critical minerals. And Europe depends on China for 98% of its rare earth supply. Supply disruptions on these fronts could affect critical sectors in the economy, such as the automobile industry and its transition to electric vehicle production."
https://www.ecb.europa.eu/press/key/date/2023/html/ecb.sp230417~9f8d34fbd6.en.html
Fortuitous timing for HydroMag and COTEC to be together in the US this week maybe:) ..also although the MDA delay is an sp drag and frustrating that asset only gains in its attraction as time moves on and you'd like to think funding options or otherwise realising value in that asset is well along the road and awaiting only for that Malawian sign off
https://www.cnbc.com/2023/04/17/energy-uk-identifies-areas-to-scour-for-critical-raw-materials.html?__source=twitter%7Cmain
At least it shows some are getting serious about future supply
Just on that Hannover Messe Post
Mkango are also an official partner of REEsilience as well as projects with SUSMAGPRO
Morning.
Still applies though - everyone wants Rare Earths. nobody wants a Rare Earth mine in their own back yard so it'll be Africa and Australia providing them IMO.
The recent Scandinavian discovery doesn't stand a snowball in hell's chance of being delivered - look at the delays for BKY's terrific uranium deposit in Spain, years lost because of tree hugger protests and still nowhere now.
2 year old article though I've just noticed
Classic example of why Mkango is in the perfect position. Even though there are rare earth deposits in developed nations which could be extracted, the actual process of extraction is so unpalatable for the "sustainability/environmental" optics.
https://www.politico.eu/article/rare-earth-mining-project-greenland-eu-radioactive-uranium/
Afternoon.
Be nice to get some positive news around the Texas gig.
$600m is a stonking amount of money for any venture in any sector but if you're making strategic moves for your business(es) then you need to secure that supply up front.
Still a school of thought out there that China could tit-for-tat the US ban on chip tech going to China by pulling the drawbridge up again on their rare earths supply - who knows but that really would put the cat amongst the pigeons with such little shovel ready rare earths resource outside China.
The sector is only going to get hotter
Siemens secures Rare Eath Supply for windturbines
'The company added that the offtake agreement will support ongoing discussions with German ECA Euler Hermes, which recently provided Arafura with a non-binding letter of in-principle support for an untied loan guarantee of up to USD 600 million to support the Nolans Project.
This is the second offtake agreement to be signed, with approximately 53 per cent of the targeted 85 per cent annual production from Nolans secured under long-term sale arrangements now contracted.'
https://www.offshorewind.biz/2023/04/12/siemens-gamesa-and-arafura-ink-rare-earths-agreement/
Dawes and Cotec in Texas in the coming week and Susmagpro being showcased in Hanover Messe
https://hadea.ec.europa.eu/news/hannover-messe-six-eu-funded-projects-hadea-being-showcased-18-april-2023-04-14_en
I think this share could get interesting rather fast.... newsflow allowing of course :)
Nice volume today
Looks like the market likes it
https://www.nyasatimes.com/mkango-rescues-and-supports-cyclone-freddy-victims-in-phalombe/
A good news from bad news story .... with a nice ending paragraph:
'Mkango Resources Limited completed its definitive feasibility studies in July 2022 and received a signed-off ESHIA from the Malawi Government in January 2023. Mkango is looking forward to receiving a signed-off Mining Development Agreement and Mining License from the Malawian Government in the coming weeks so that further development can begin to help further uplift the economy of the communities of Phalombe and within the nation of Malawi.'
Amen to that
You'd think the Licences and MDAs were so closely aligned they'd both be dealt with by the new authority. Might MKA put something out to tell me at least wtf this all means for Songwe?! Looks important.
We can see from Malawian media that the Mining Minster has been wanting to get the MDAs over the line for months but the AG blocked them if that block has now been removed by this bill and that is what it looks like to me then.... the MDA will I reckon now be getting over that finishing line at last