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RNS Number : 8248N
Mkango Resources Limited
26 January 2023
MKANGO RESOURCES LTD.
550 Burrard Street
Suite 2900
Vancouver
BC V6C 0A3
Canada
MKANGO RECEIVES ESHIA APPROVAL FOR THE SONGWE HILL RARE EARTHS
PROJECT
London, U.K. and Vancouver, Canada - January 26, 2023 - Mkango
Resources Ltd. (AIM/TSX-V: MKA) (the "Company" or "Mkango") is very
pleased to announce that the Malawi Environmental Protection Agency
("MEPA") has approved the Environmental Social Health Impact
Assesment ("ESHIA") for Mkango's flagship Songwe Hill Rare Earths
Project ("Songwe Hill") in the Phalombe district of Malawi.
The approval of the ESHIA is a significant milestone in the
Mining Development Agreement ("MDA") approval process, it is a
fundamental requirement for the Company to be granted a mining
licence and is expected to unlock significant stakeholder value and
future investment for the development of Sub-Saharan Africa's first
large scale, commercial rare earth mining and processing operation
in Malawi.
Mkango President Mr Alexander Lemon stated;
"The approval of the ESHIA for the Songwe Hill Rare Earths
project is a major achievement for Mkango and Malawi's first rare
earth mining project. We would like to thank the Malawian
government for their ongoing cooperation and support and the Malawi
Environmental Protection Agency for their advice and support during
the ESHIA engagement, review and approval process. We look forward
to the Mining Licence and MDA being approved in the coming
weeks.
"The Malawi Ministry of Justice has appointed a London based
international law firm with mining expertise to carry out a final
review of the Mining Development Agreement ("MDA") and we are
hoping to shortly conclude an agreement that is a win-win for both
the Nation of Malawi and all of Mkango's stakeholders."
The ESHIA was undertaken by Digby Wells Environmental Limited (
https://www.digbywells.com/about-digby-wells/ ) in compliance with
the latest International Finance Corporation ("IFC") Performance
Standards and the Malawi Environmental Management Act, No. 19 of
2017.
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has
been incorporated into UK law by the European Union (Withdrawal)
Act 2018. Upon the publication of this announcement via Regulatory
Information Service, this inside information is now considered to
be in the public domain.
About Mkango Resources Limited
Mkango's corporate strategy is to develop new sustainable
primary and secondary sources of neodymium, praseodymium,
dysprosium and terbium to supply accelerating demand from electric
vehicles, wind turbines and other clean technologies. This
integrated Mine, Refine, Recycle strategy differentiates Mkango
from its peers, uniquely positioning the Company in the rare earths
sector.
Mkango is developing Songwe Hill in Malawi with a Feasibility
Study completed in July 2022. Malawi is known as "The Warm Heart of
Africa", a stable democracy with existing road, rail and power
infrastructure, and new infrastructure developments underway.
In parallel, Mkango and Grupa Azoty PULAWY, Poland's leading
chemical company and the second largest manufacturer of nitrogen
and compound fertilizers in the European Union, have agreed to work
together towards development of a rare earth Separation Plant at
Pulawy in Poland (the "Pulawy Separation Plant"). The Pulawy
Separation Plant will process the purified mixed rare earth
carbonate produced at Songwe Hill.
Through its ownership of Maginito ( www.maginito.com ), Mkango
is also developing green technology opportunities in the rare
earths supply chain, encompassing neodymium (NdFeB) magnet
recycling as well as innovative rare earth alloy, magnet, and
separation technologies. Maginito holds a 42% interest in UK rare
earth (NdFeB) magnet recycler, HyProMag ( www.hypromag.com ) with
an option to increase its interest to 49%.
Mkango also has an extensive exploration portfolio in Malawi,
including the Mchinji rutile exploration project, the Thambani
uranium-tantalum-niobium-zircon project and Chimimbe nickel-cobalt
project.
For more information, please visit www.mkango.ca
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. Generally, forward looking statements can be
identified by the use of words such as "plans", "expects" or "is
expected to", "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. 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,
governmental action relating to COVID-19, COVID-19 and other market
effects on global demand and pricing for the metals and associated
downstream products for which Mkango is exploring, researching and
developing, factors relating the development of Mkango rare eaths
recycling capability and the Pulawy Separation Plant, including the
outcome and timing of the completion of the feasibility studies,
cost overruns, complexities in building and operating recycling and
separation plants, changes in economics and government regulation,
and delays in obtaining financing or governmental approvals for,
and the impact of environmental and other regulations relating to,
Songwe and the recycling and separation plants. 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
disclaim any intention and assume 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
Canada: +1 403 444 5979
www.mkango.ca
@MkangoResources
BlytheRay
Financial Public Relations
Tim Blythe
UK: +44 207 138 3204
SP Angel Corporate Finance LLP
Nominated Adviser and Joint Broker
Jeff Keating, Caroline Rowe
UK: +44 20 3470 0470
Alternative Resource Capital
Joint Broker
Alex Wood, Keith Dowsing
UK: +44 20 7186 9004/5
The TSX Venture Exchange has neither approved nor disapproved
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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
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END
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