Mkango Releases Second Quarter 2020 Results and Provides Update on Malawi Government Visit to the Songwe Hills Rare Earths Pr...
28 August 2020 - 4:00PM
Mkango Resources Ltd. (AIM/TSX-V: MKA) (the "Company" or "Mkango")
is pleased to announce that it has released the Financial
Statements and Management's Discussion and Analysis for the period
ending June 30, 2020. The reports are available under the Company's
profile on SEDAR (www.sedar.com) and on the Company's website
(http://www.mkango.ca/s/financials.asp).
Mkango is also pleased to report that the
Minister of Mining, the Right Hon. Rashid Gaffar MP, visited the
Songwe Hills (“Songwe”) rare earths project on Friday 21st August,
accompanied by a government delegation including the Ministry of
Mines principal secretary, Dr Joseph Mkandawire. The government
delegation expressed satisfaction with all of the exploration and
development works at Songwe.
Hon. Minister Gaffar MP said: “I am impressed
with the progress of the project, as well as the project’s level of
transparency and all of the Corporate Social Responsibility taking
place. You are doing a commendable job; people here are full of
praise for your work. We understand you have invested a lot in this
project, therefore as Government, my Ministry will support you so
that the future mining operation commences.”
Principal secretary Dr Joseph Mkandawire added:
“Mining is the future of this country, especially when we follow
the trend where countries are advocating for use of clean energy.
High strength rare earth magnets which will be made from the Songwe
rare earths can be used to manufacture electric motors, which are
used in hybrid and electric cars, as well as wind turbines to
produce clean energy. Currently, the mining industry in Malawi only
contributes approximately 1 percent to the national budget, but we
want to support the mining industry fully in Malawi, to enable the
industry to generate a lot of revenue and profits, so that it can
benefit the country and its investors, and we can all benefit from
the country’s resources.”
Mkango looks forward to working with the
Government of Malawi to bring Songwe into production and to advance
our other projects in the country.
About Mkango
Mkango's primary business is exploration for
rare earth elements and associated minerals in the Republic of
Malawi, a country whose hospitable people have earned it a
reputation as “the warm heart of Africa”. The Company holds
interests in four exclusive prospecting licenses in Malawi: the
Phalombe licence, the Thambani licence, the Chimimbe Hill licence
and the Mchinji licence.
The main exploration target in the 51% held
Phalombe licence is the Songwe Hill rare earths deposit. This
features carbonatite-hosted rare earth mineralisation and was
subject to previous exploration in the late 1980s. Mkango completed
an updated Pre-Feasibility Study for the project in November 2015
and a Feasibility Study is currently underway, the initial phases
of which included a 10,900-metre drilling programme and an updated
mineral resource estimate, announced in February 2019. In March
2019, the Company announced receipt of a £7 million (C$12.3
million) investment from Talaxis to fund completion of the
Feasibility Study. Following completion of the Feasibility Study,
Talaxis has an option to acquire a further 26% interest in Songwe
by arranging financing for project development including funding
the equity component thereof.
The main exploration targets in Mkango’s
remaining three 100% held licences are, in the Thambani licence,
uranium, niobium, tantalum and zircon, in the Chimimbe Hill
licence, nickel and cobalt, and in the Mchinji licence, rutile,
gold, nickel, cobalt, base metals and graphite.
Mkango also holds a 75.5% interest in Maginito
with the balance owned by Talaxis. Maginito is focused on
downstream opportunities relating to the rare earths supply chain,
in particular, recycling and other innovative technologies for the
production of neodymium alloy powders and magnets used in electric
vehicles, wind turbines and other industries geared to
decarbonisation of the economy.
The TSX Venture Exchange has neither approved
nor disapproved the contents of this press release. Neither the TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
This press release does not constitute an offer
to sell or a solicitation of an offer to buy any equity or other
securities of the Company in the United States. The securities of
the Company will not be registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities Act") and
may not be offered or sold within the United States to, or for the
account or benefit of, U.S. persons except in certain transactions
exempt from the registration requirements of the U.S. Securities
Act.
For further information on Mkango, please
contact: |
|
Mkango Resources Limited |
|
William Dawes |
Alexander Lemon |
Chief Executive Officer |
President |
will@mkango.ca |
alex@mkango.ca |
UK: +44
207 3722 744 |
|
Canada:
+1 403 444 5979 |
|
www.mkango.ca |
|
@MkangoResources |
|
|
|
Blytheweigh |
SP Angel Corporate Finance LLP |
Financial Public Relations |
Nominated Adviser and Joint Broker |
Tim
Blythe |
Jeff
Keating, Caroline Rowe |
UK: +44
207 138 3204 |
UK: +44
20 3470 0470 |
Alternative Resource Capital |
|
Joint Broker |
|
Alex
Wood |
|
UK: +44
20 7186 9004 |
|
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