Mkango Resources (LON:MKA) Stock Price Down 11% – Here’s Why

Shares of Mkango Resources Ltd. (LON:MKA) traded down 11% during mid-day trading on Tuesday . The stock traded as low as GBX 42 and last traded at GBX 42. 399,330 shares were traded during mid-day trading, a decline of 85% from the average session volume of 2,605,497 shares. The stock had previously closed at GBX 47.20.

Mkango Resources Trading Up 3.4%

The company has a 50-day simple moving average of GBX 49.71 and a 200 day simple moving average of GBX 34.62. The firm has a market cap of £159.16 million, a PE ratio of -58.23 and a beta of 2.17.

About Mkango Resources

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 released a Feasibility Study for Songwe Hill, Malawi, in July 2022.