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Mkango Resources Ltd - Vancouver-based explorer for rare earth elements - Joins with Polish manufacturer of nitrogen and compound fertilizers, Grupa Azoty Zaklady Azotowe Pulawy SA, to develop a rare earth separation plant in Poland. The pair have signed an exclusive lease agreement for a site in eastern Poland. The site adjoins Grupa Azoty's fertiliser and chemicals complex and thus has "excellent infrastructure".
Mkango has set up a new Polish subsidiary, Mkango Polska, to develop the venture, with corporate financier Jaroslaw Paczek appointed as country director. French rare earth separation experts, Carester, will provide a team of technical advisors and engineers to support the project.
The company says the plant will focus on modified and enhanced agricultural products, which offer high margins. Mkango says it expects the plant to produce around 2,000 tonnes of separated neodymium and praseodymium oxides each year, plus a further 50 tonnes per year of dysprosium and terbium oxides - all "in a heavy rare earth enriched carbonate".
Current stock price: 29.08 pence, up 3.8% on Monday
Year-to-date change: up 66%
By Scarlett Butler; scarlettbutler@alliancenews.com
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