Sign up USA
Proactive Investors - Run By Investors For Investors

Mkango Resources says Phalombe Licence renewal validates work so far

The licence has been renewed until January 2019, the firm said in a corporate update
Mkango workers
Phalombe hosts the group's flagship Songwe Hill project, along with the Nkalonje, Mantrap, Knoll and Namangale prospects

The two year renewal of the Phalombe Licence by the  Malawi government is a strong validation of work completed so far and the site's potential, rare earths explorer Mkango Resources Ltd (CVE:MKA, CVE:MKA) told investors.

Phalombe hosts the group's flagship Songwe Hill project, along with the Nkalonje, Mantrap, Knoll and Namangale prospects.

The licence has been renewed until January 2019, the firm said in a corporate update.

An updated prefeasibility study for Songwe released in November last year envisaged production of 2,841 tonnes of rare earths in mixed chemical concentrate per year over an 18 year mine life.

The project's net present value also rose 18% to US$345mln using an average price for a basket of rare earths of US$59.8kg, while the up-front capital expenditure was forecast at US$216mln.

Rare earth exploration is an evolving field and the Phalombe licence was recently visited by a large delegation in connection with the €5.4 million HiTech AlkCarb research project led by the Camborne School of Mines, University of Exeter and funded under the European Union's Horizon 2020 Research and Innovation programme in which Mkango is an industry partner.

The study has particular relevance to Mkango in its scope to better understand the potential for large, unexposed mineralised bodies of carbonatite, the host rock for rare earth mineralisation, on either a prospect or regional scale.

Such targets at may include the summit of Songwe hill and the Nkalonje vent system where and geophysics work will cover the areas to further assess their potential as future drill targets. 

View full MKA profile View Profile

Mkango Resources Ltd Timeline

Newswire
February 20 2017
Newswire
November 28 2016

Related Articles

1506662375_emmerson-resources_rob-bills-1-highres-757.jpg
September 29 2017
Rob Bills, managing director, talks exclusively with Proactive Investors.
gold
September 29 2017
Hellyer fell into NQ’s control after it agreed to buy Keen Pacific – the former owner – for A$20mln back in April
legend-mining_mark-wilson-presenting-Syd-Mar-2017-757.jpg
March 16 2017
Mark Wilson discussed with investors exploration on one of Australia's host post codes, the Fraser Range of Western Australia, with partner Creasy Group.

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You understand that the Company receives either monetary or securities compensation for our services. We stand to benefit from any volume this write-up may generate.

You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Copyright © Proactiveinvestors.com, 2017. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use