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LONDON (Alliance News) - Rare earths miner Mkango Resources Ltd on Tuesday said it has secured a two-year exclusive option and right to acquire the licence to a hydrochloric acid production technology.
The licence covers technology which produces high-strength hydrochloric acid from calcium chloride feed streams using sulphuric acid. The technology can be used in rare earths processing and other industrial applications.
It was developed by scientists at McGill University in Montreal, Canada.
MKango intends on using the technology at its Songwe Hill rare earths project in Malawi.
No financial details on the option were provided but Mkango said it had been secured on "commercially standard terms".
"This technology is not only applicable for Songwe but potentially for other primary carbonatite hosted rare earths projects. We are also interested in evaluating the technology's use in other industrial applications where high-strength hydrochloric acid is required," said Mkango Chief Executive William Dawes.
Mkango shares were up 8.8% to 4.35 pence in London Tuesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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