Two weeks ago on 15 June, Mkango Resources, a mineral exploration company focused on the Songwe Hill Rare Earths Project in Phalombe, Malawi, was successfully listed on the London Stock Exchanges Alternative Investment Market. Mkango is already listed on Toronto Stock Exchange’s Venture Exchange.
Mkango has subsequently announced it will purchase geo-data from the Malawi Geological Survey Department following the World Bank and European Union financed airborne geophysical survey to confirm its existing anomalies. The company also has an exclusive prospective licence for Thambani in Mwanza District covering an area with uranium anomalies.
CEO of Mkango Resources, Will Dawes, spoke to Proactive Investors UK earlier in the week and says that the World Bank Malawi Mining Governance and Growth Support Project will confirm “Malawi as a serious mining destination”.
Watch the video below for more information.
Mkango has completed a pre-feasibility study for the rare earths project in Phalombe which was updated last November. They report an after-tax net present value (NPV10%) of US$345 million and after-tax internal rate of return (IRR) of 37%.