Mkango Resources (LON:MKA) Trading 14.9% Higher – Here’s What Happened

Shares of Mkango Resources Ltd. (LON:MKA) shot up 14.9% during trading on Thursday . The company traded as high as GBX 51.85 and last traded at GBX 51.13. 4,846,060 shares were traded during trading, an increase of 157% from the average session volume of 1,885,437 shares. The stock had previously closed at GBX 44.50.

Mkango Resources Price Performance

The stock’s 50-day moving average price is GBX 43.70 and its 200 day moving average price is GBX 48.50. The firm has a market cap of £200.72 million, a price-to-earnings ratio of -10.29 and a beta of 1.74. The company has a quick ratio of 0.87, a current ratio of 0.27 and a debt-to-equity ratio of -51.80.

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.