LONDON (Alliance News) - Mkango Resources Ltd on Wednesday said it is in the process of acquiring airborne geophysical data covering the majority of its Phalombe and Thambani prospecting licences in Malawi.
Mkango said the airborne survey was undertaken in Malawi as part of a USD25.0 million project funded by the World Bank.
Alexander Lemon, Mkango's president, said the survey data should "significantly enhance Malawi's credentials as an investment destination for exploration and mining and we look forward to spearheading development of the sector, working closely with the government of Malawi."
"Furthermore, we are excited to be acquiring the new airborne geophysical data covering the majority of the Phalombe and Thambani licences in Malawi, which have excellent potential for rare earths and uranium, respectively. We look forward to providing the market with further updates," he added.
Mkango shares were down 2.4% to 4.88 pence Wednesday afternoon.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Mkango Resources (MKA)