Mkango Resources Ltd - exploring for rare earth elements in Malawi - HyProMag Ltd and partners European Metal Recycling Ltd and University of Birmingham awarded grant from UK Research & Innovation's Industrial Challenge Fund for a project that will look for ways to recycle rare earth magnets from the audio speakers used in automobiles and consumer electronics. These two applications account for 20% of the current market for rare earth magnets, it notes. Mkango subsidiary Maginito Ltd owns 25% of HyProMag, with an option to increase this to 49%. Separately, on Friday, Mkango reported a net loss of USD793,393 for the third quarter of 2020, narrowed from USD1.1 million a year before, primarily on a swing to foreign exchange gain of USD159,984 from a loss of USD235,306 a year before. The net loss was composed of a USD396,848 loss attributable to shareholders and USD396,545 attributable to non-controlling interests. For the first nine months of the year, the company had a net loss of USD3.2 million, widened from USD2.2 million. Mkango currently books no revenue.
Current stock price: 13.50 pence, up 13% on the day
Year-to-date change: up 57%
By Tom Waite; thomaslwaite@alliancenews.com
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Mkango Resources (MKA)