Mkango Resources (LON:MKA) Trading Up 2.1% – Here’s What Happened

Shares of Mkango Resources Ltd. (LON:MKA) shot up 2.1% during trading on Friday . The stock traded as high as GBX 44 and last traded at GBX 42.90. 1,063,311 shares changed hands during mid-day trading, a decline of 42% from the average session volume of 1,823,124 shares. The stock had previously closed at GBX 42.

Mkango Resources Price Performance

The firm’s 50-day moving average price is GBX 44.23 and its 200-day moving average price is GBX 48.20. The company has a current ratio of 0.14, a quick ratio of 0.87 and a debt-to-equity ratio of -64.29. The stock has a market capitalization of £166.22 million, a PE ratio of -10.19 and a beta of 1.70.

Mkango Resources Company Profile

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. 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 recently announced that 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.