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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Mkango Res (MKA)