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Mkango chief upbeat on rare earths outlook

The results are the first since it listed on London's AIM on June 15, raising £1mln in the process.
Rare earths are used in many now everyday gadgets

Mkango Resources Ltd's (LON:MKA, CVE:MKA) second quarter charted significant progress and it sees a positive outlook for prices of rare earths and uranium.

The results are the first since it listed on London's AIM on June 15, raising £1mln in the process, which will provide for 18 months' working capital, it said today.

For the three months to end June, and in keeping with an explorer, the firm posted a net loss of US$699,213 (2015: US$1.17mln).

Cash at end of period was US$1.12mln compared to $62,303 at the same time last year.

It's been a busy few weeks. Earlier this month it said it had identified two more potential rare earths targets at its  Phalombe licence in Malawi from an airborne survey funded by the World Bank.

In July, it secured a two-year exclusive deal to acquire the worldwide licence for a rare earths processing technology.

William Dawes, chief executive, told investors today that he was pleased with the results.

"The company believes that prices for rare earths and uranium are at a cyclical low, with a positive outlook geared to growth in cleantech applications, technology and the low carbon economy," he said.

"We continue to explore partnership opportunities for both the Songwe and Thambani projects with a view to accelerating exploration and development of the projects for the benefit of all stakeholders."

In-depth - Mkango’s Aim listing a major milestone, says chief executive

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Mkango Resources Ltd Timeline

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