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There was an RNS. I'm guessing this one was cotecs news though with additional detail.
Mka rns was plain re additional short term funding.
Good question!
The way this Cotec update is worded, to me it sounds like there is some new news (re MKA, that is) in their message
Why is this not in an RNS? Because it’s an American news release??
Superb Update last night from Cotec, explains the volume and rise over the pond
Mkango Resources Ltd. ("Mkango")
CoTec has entered into a non-binding term sheet for an investment in Mkango and provided interim financing to them. Mkango has two main assets - a rare earth development project in Malawi which, according to a feasibility study that Mkango published in August[1], has a post-tax NPV10% of US$559M and more interestingly to CoTec, an interest in a green process utilizing hydrogen to recycle rare earth magnets and extract the rare earth elements from them. During the quarter, a pilot plant was commissioned in the United Kingdom to scale up the technology. In connection with its investment in Mkango, CoTec and Mkango will enter into a co-operation agreement regarding future investment in rare earth processing technologies in the US. CoTec believes that the Mkango recycling technology will align well with the desire of the US to be strategically independent of China.
in summary
- Cotec providing interim funding as we know, we still have £2.25m I believe to come
- Agreement to look at RE investments with Cotec in the US
- Cotec believes HyProMag will allow the US to reduce its dependence on China
(These guys are heavy hitters remember, not just some tin pot investment fund, check out who is on the board, Chairman of FXPO, ex Rio Tinto, Ex Ceo of Anglo, I mean these are some serious people in the mining space - https://cotec.ca/about-us/board-of-directors/)
I think we are looking truly great here, HyProMag gives us a real get out clause if anything goes wrong in Malawi (which I dont suspect it will but you never know how long these things take with the MDA) and with its true blue sky, strategic, scalable technology we can really sit back and relax that the value of HyProMag could very easily outweigh the entire current market cap of this company in relatively short order
Hmm, interesting and nice to see C$0.20bid C$0.21off, C$0.21 (+20%) last traded on Toronto Ex, on relatively good volume (190k). Equivalent p12.80-p13.44
Seems to be ranging up over a week, arguably a month. Big news before year end in my view.
RNS Cotec update
US grants $350 mln for Malawi projects, hailing good governance
https://www.breitbart.com/news/us-grants-350-mln-for-malawi-projects-hailing-good-governance/
Here's my chart view FWIW - I have little doubt that this will be at 55-60p within 2-3 years:
https://twitter.com/bonker_99/status/1585224326340825094?s=20&t=4s7_L9L53Wm1nz5fqh-aQA
As for Malawi risk - the US doesn't push $350m into a country if they don't think they're going to get a return from it ...
The share price chart and developmental stage of this company appear to be following the classic Lassonde Curve - MKA are in the trough of the "orphan period" at the moment, where speculator PIs have left as we await news of the MDA and financing.
The current market cap, the company's assets (Songwe & recycling IP & exploration portfolio) and macro backdrop (non-Chinese NdPr supply chains urgently sought by US and Europe ASAP) provide a compelling investment case to my mind.
Some interesting g movement today. 11.75 paid. Slow and steady volume let’s hope news is on the horizon here. This share deserves a move back up given what’s about to come out of the ground. Come on Mkango, seal this deal with Malawi and let’s get cooking. A major rare earth mine with western backing announced right now would be a sensational piece of news and would really raise a stiff middle finger to China and Russia. Keep the faith here long term holders and newcomers. This share will deliver within six months. GLA
https://malawi24.com/2022/10/17/unima-students-tour-rare-earths-project-in-phalombe/
1. General overview
Malawi, a land-linked country in Southern Africa, has enjoyed long years of peace and political stability coupled with a vibrant democratic political system. Recently, the country ushered in a new Government following elections in June 2020. Under the new administration, the country has continued major economic reforms to spur increased investment and trade. Priority investment areas include energy (especially green energy), mining (including rare earths), agriculture/agro processing and tourism. Currently, agribusiness continues to be the largest sector with tobacco, tea and sugar being principal exports, but other fast growing sectors include energy, services and mining. Malawi continues to host over 50 FDI companies with some major ones from the UK mainly operating in manufacturing, agriculture (including agro-processing) and mining.
If you google above you will see a big red flag,,, rife corruption.
Africa can often be a lose/lose.
The vast majority of explo companies fail and the few that find commercial resources to warrant mining and infrastructure being built often get "acquired" by the Govt leaving investors to whistle,
I suspect with the current prevailing headwinds ,Africa ,like S America,will become an increasing bigger basket case unfortunately.
I recall this happening in Botswana some years ago when that was perceived as stable and investor friendly.
https://www.nyasatimes.com/moving-the-malawi-economy-forward-pieces-of-advice-to-excellency-chakweras-government/
A decent article, understanding towards the issues and explaining the challenges Chakwera’s Government face during these tough times.
Excellent find again Leister, and superb news looks like our MDA will be finalised soon, the other MDA in question appears to have more problems
“Both agreements are in the office of the AG now. We are waiting for him to do his due diligence. We cannot tell when he will be through but we hope it won’t take much longer,” Mbawala said.
https://t.co/gjg5t5Xq2k
My mistake, I was referring to this link.
It’s new news today Finton
I think that's a press release from March?
It definitely is good news, the future financial backers will be overwhelmed to know this type of issue is relatively short lived. Just in time for Cotec to commit itself further!
That's very good news
I didn't read much into it and wasn't 100% on whether them stopping production meant the JV was on ice, although I suppose it would make sense, you dont want your JV partner to be in financial difficulty so this is very welcome news
Come on Cotec, show us the money
Could be in for a cool £1m this week if all things are as planned