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https://twitter.com/MkangoResources/status/1524657840387936256?t=DfFa3XWvEbskSTAt1Z_8IA&s=19
Wow massive news
Ministry of Mining says it expects to finish some mining development agreements negotiations with three mining firms by June this year to resume major mining activities.
The resumption of mining activities is expected to create jobs and enhance the sector’s contribution to the gross domestic product (GDP), which is currently at less than one percent, according to Malawi Government Annual Economic Report 2022.
The ministry’s Principal Secretary Joseph Mkandawire said government is negotiating agreements with three firms that have finalised their exploration works.
He identified the firms as Mkango Resources, a dual-listed mineral exploration firm, which has been engaged in exploration of rare earths at Songwe Hills in Phalombe, Globe Metals Limited, which will be mining niobium in Mzimba and Lotus Resources Limited, which acquired Kayerekera Uranium Mine in Karonga recently.
Mkandawire said discussions on the agreements are at an advanced stage and will be concluded soon.
He said: “From the ministry’s point of view, we look at technical aspects, usually how the mining will be done, waste disposal, value of the minerals, and the quality of the deposits.
“On another hand, the Ministry of Justice has to look at the legal aspects to question whether the agreement is in favour of Malawi. Then there are fiscal issues to be looked at by the Ministry of Finance, the Reserve Bank of Malawi and the Malawi Revenue Authority.”
For Mkango Resources, Mkandawire said the legal aspect is right in frame, while for Global Metals and Lotus Resources, the fiscal matters are currently prominent, saying all things being constant, discussions should be concluded by June.
Down again on this news. Do the average PI not realise that the Pentagon are likely to finance the entire project. I am buying.
Same here. 2 top ups for me @ 18.44.
It's a no brainer .
The ministry’s Principal Secretary Joseph Mkandawire said government is negotiating agreements with three firms that have finalised their exploration works.
All looking good. When the market figures this out we will move up big time?
Soon we will be off our BACKS and back on our KNEES again?
Super. To be fair the average PI or the advanced investor does not know. That’s the truth. You can’t say pentagon without facts. Yes they have had discussions but the jonas group seem to have done bog all and all this news coming from Malawi and we keep falling.
So the question is ….do I want to believe the pentagon will find this? …hell yeah
Reality is …. We don’t really know anything other than a few strategic investors have come on board and out sp is getting smashed and constantly falling to a level where all those clever clogs who bought in at 5p are only up 200% now after being up 600%.
Until the sp does not recover its wise not to associate any company or institution with Mka because we all have in the past including myself.
Assumptions have trapped many here and one thing is for sure ….. we don’t know who or how this will be funded….for sure it will and eventually sp should rise but don’t count chickens before the eggs hatch.
Hate to burst your bubble, but; 1) The Pentegon's request has to be passed by Congress, 2) It specifically outlines companies with Operations in Australia and the UK. no mention of Malawi or the EU. 3) Lynas are still waiting for their money to be allocated and are not happy about the attached strings.
Very true CS
Still bodes well when we are looking for funding, that the US is accelerating and increasing funding in the sector, dont forget the DoD visited Malawi back in 2019
Combine that with the most recent article of a potential MDA In as little as three weeks, we may not struggle to find project financing at all, especially if the BFS is appealing - could be a really great summer here at MKA
Whatever is going to happen. I've just made a 50k top up at just over 19p
Well done super. You could have done worse and bought some terra Luna :)
haha Roty - great minds and all that. I bought some more back the other day to replace the 13% of my holding i sold at 25p . so much for my investment strategy :-)
That's what I'm doing. I derisked as the share price rose at executed trades between 14p and 35p. Very happy to accumulate them back sub 20p before the herd arrives.
The HERD is still grazing