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Share Price: 7.10

Bid: 6.70

Ask: 7.50

Change: 0.00 (0.00%)

Spread: 0.80 (11.94%)

Open: 7.10

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Mkango Resources Rises As Rare Earths Miner Starts Trading On AIM (ALLIPO)

Wed, 15th Jun 2016 08:35

LONDON (Alliance News) - Mkango Resources Ltd shares rose on Wednesday morning as the rare earths miner started trading on London's AIM market.

Mkango issued 30.3 million shares at 3.3 pence per share to raise GBP1.0 million, which will be put towards progressing the company's Songwe Hill rare earths project in Malawi. Shares in the firm were trading at 3.9p on Wednesday morning, up 18%.

"Based on extensive benchmarking and industry analysis, I am confident that Mkango has the potential to be a future low capex, lowest cost quartile, sustainable producer of rare earths, thereby providing a strong foundation for entering into partnerships, marketing and offtake arrangements," said Mkango Chief Executive William Dawes.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance

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IN BRIEF: Mkango secures further GBP500,000 funding from CoTec

Mkango Resources Ltd - Vancouver-based mineral exploration and development company - Says CoTec Holdings Corp has agreed a further GBP500,000 investment through a convertible advance note. The advance is to be completed by Thursday next week. CoTec had in June provided Mkango with a GBP500,000 initial advance. Mkango also has agreed to extend CoTec's exclusivity period to November 30. CoTec may extend exclusivity to the end of December, by completing a GBP2 million convertible note to Mkango by October 15. The value of the two advances will be off-set against the convertible note.

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IN BRIEF: Mkango Resources expects long life for Songwe Hill project

Mkango Resources Ltd - Vancouver-based mineral exploration and development company - Announces the results of its definitive feasibility study at the Songwe Hill rare earths project in Malawi. Notes a post-tax net present value of USD559.0 million, using a 10% discount rate, with an internal rate of return of 32%. Expects long operating life of 18 years, with mining assumed to commence in February 2025. In the first five years of production, company expects to average 5,954 tonnes per year total rare earth oxides. Initial capital expenditure anticipated at USD277 million.

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IN BRIEF: Mkango Resources secures financing for plant in Poland

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