Mining News

Mkango restores full ownership of Songwe Hill, raises £5.52m

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Aim- and TSX-V-listed Mkango Resources will restore its ownership of the Songwe Hill rare earths project, in Malawi, to 100%, which chairperson Derek Linfield says will strengthen the company’s position as a future integrated supplier of rare earths. Mkango and Talaxis, a subsidiary of Noble Group, have entered into an agreement for Mkango to acquire Talaxis’ 49% interest in Lancaster Exploration, which owns the Songwe Hill project, as well as Talaxis’ 24.5% interest in Maginito, which holds a 25% interest in rare earths magnet recycler HyProMag, for about 54.17-million shares valued at about £13-million.

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