Mkango Resources Ltd. (AIM/TSX-V: MKA) (the "Company" or "Mkango"),
the rare earths development company focused on the advanced stage
Songwe Hill project (“Songwe”) in Malawi, is pleased to announce
that it has appointed SENET, a DRA Global company, as lead engineer
and project manager for completion of the Feasibility Study. The
Feasibility Study is being funded by Mkango’s strategic partner,
Talaxis Limited (“Talaxis”), a wholly-owned subsidiary of Noble
Group Holdings Limited.
SENET has longstanding experience in project
management and in providing detailed multidiscipline engineering,
procurement, logistics management, and construction services to the
mining, mineral processing, infrastructure and materials handling
industries. It has extensive project and construction experience
throughout Africa and boasts the largest and most advanced
hydrometallurgical process engineering team on the continent.
SENET’s appointment is another key milestone for
completion of the Feasibility Study and development of the project.
A number of workstreams for the study are underway, including
mining studies, comminution, flotation, hydrometallurgical test
work, and studies in relation to the environmental, social and
health impact assessment.
William Dawes, Chief Executive of Mkango
stated: “We are very pleased to appoint SENET for the
Songwe feasibility study. The selection of SENET was measured
against a range of criteria, and its technical capabilities and
African experience were key factors in the decision. Mkango has the
right financial and technical partnerships in place to enable
development of Songwe into Africa’s leading producer of rare
earths.”
Darren Naylor, Managing Director of
SENET stated: “SENET is looking forward to working with
Mkango and all stakeholders on this project, which offers a unique
opportunity for SENET to continue demonstrating its diverse
capability across the African Continent.”
Daniel Mamadou, Executive Director of
Talaxis stated: “We are delighted to continue with our
funding and strategic support of the Songwe Hill project, which has
the potential to become a leading rare earths producer in Africa.
Songwe Hill plays an important part in Talaxis’ upstream investment
portfolio, as we aim to become a global leader in technology metals
project development and the partner of choice for the technology
metal and rare earth industry.”
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announcement may have been deemed inside information for the
purposes of Article 7 of Regulation (EU) No 596/2014 until the
release of this announcement.
About Mkango Resources
Limited
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.
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 neodymium alloy powders, magnet and other
technologies geared to accelerating growth in the electric vehicle
market.
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, nickel,
cobalt, base metals and graphite.
For more information, please visit
www.mkango.ca.
About SENET
SENET, a wholly owned
subsidiary of DRA Global, was founded in 1989 and
has its head office in Johannesburg, South Africa. For nearly three
decades, SENET has provided project management,
detailed multidiscipline engineering, procurement, logistics
management, and construction services to the mining, mineral
processing, infrastructure and materials handling industries.
SENET has extensive project and construction
experience in remote countries throughout Africa, as well as in the
Middle East, Asia, and Central and South America.
SENET has successfully completed more than 500
projects and studies in Africa and has completed more copper-cobalt
solvent extraction (SX) and electrowinning (EW) plants on the
African Copperbelt than any other firm in the market.
SENET employs over 300 people and boasts the
largest and most advanced hydrometallurgical process engineering
team in Africa.
For more information, please visit:
www.senet.co.za
About Talaxis
Founded in 2016, Talaxis is a wholly-owned
subsidiary of Noble Group Holdings Limited and invests in and
develops projects that are related to technology metals, with a
special focus on rare earth elements. Talaxis focuses on battery
and electric vehicle materials such as nickel, lithium, graphite
and vanadium. Talaxis has supply chains partners in the upstream
and midstream segments, and also focuses on research and
development solutions for industrial consumers in the downstream
segment. Talaxis prioritises sustainable ventures with a strong
emphasis on corporate social responsibility. These include projects
that contribute to the decarbonisation of the economy and that are
aligned with the United Nations Sustainable Development Goals.
For more information, please visit
www.talaxis.com
Cautionary Note Regarding
Forward-Looking Statements
This news release contains forward-looking
statements (within the meaning of that term under applicable
securities laws) with respect to Mkango and its business.
Generally, forward looking statements can be identified by the use
of words such as “plans”, “expects” or “is expected”, “scheduled”,
“estimates” “intends”, “anticipates”, “believes”, or variations of
such words and phrases, or statements that certain actions, events
or results “can”, “may”, “could”, “would”, “should”, “might” or
“will”, occur or be achieved, or the negative connotations thereof.
Forward looking statements in this news release include statements
with respect to completion of the feasibility study and of the
transactions contemplated in the agreement with Talaxis, as well as
the use of proceeds from the investments into the Company by
Talaxis and the timing of such expenditures. Readers are cautioned
not to place undue reliance on forward-looking statements, as there
can be no assurance that the plans, intentions or expectations upon
which they are based will occur. By their nature, forward-looking
statements involve numerous assumptions, known and unknown risks
and uncertainties, both general and specific, that contribute to
the possibility that the predictions, forecasts, projections and
other forward-looking statements will not occur, which may cause
actual performance and results in future periods to differ
materially from any estimates or projections of future performance
or results expressed or implied by such forward-looking statements.
Such factors and risks include, without limiting the foregoing,
market demand for the metals and associated downstream products for
which Mkango is exploring, researching and developing, the positive
results of a feasibility study on the Project, delays in obtaining
financing or governmental or stock exchange approvals. The
forward-looking statements contained in this news release are made
as of the date of this news release. Except as required by law, the
Company disclaims any intention and assumes no obligation to update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise, except as required by
applicable law. Additionally, the Company undertakes no obligation
to comment on the expectations of, or statements made by, third
parties in respect of the matters discussed above.
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 744Canada: +1 403 444 5979
www.mkango.ca@MkangoResources
BlytheweighFinancial Public
RelationsTim Blythe, Camilla Horsfall, Julia TilleyUK: +44 207 138
3204
SP Angel Corporate Finance
LLPNominated Adviser and Joint BrokerJeff Keating,
Caroline RoweUK: +44 20 3470 0470
Alternative Resource
CapitalJoint BrokerAlex Wood, Rob CollinsUK: +44 20 7186
9004; +44 20 7186 9001
For more information about Talaxis, please visit
www.talaxis.com or contact:
Finsbury |
Citadel-MAGNUS |
Alastair Hetherington / Dorothy Burwell / Humza Vanderman |
Peter Brookes / Helen McCombie |
Tel: +44 20 7251 3801 |
Tel: +61 2 8234 0100 |
Email: noble@finsbury.com |
Email: media@citadelmagnus.com |
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.
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