TIDMMKA
RNS Number : 5644L
Mkango Resources Limited
09 September 2019
MKANGO RESOURCES LTD.
550 Burrard Street
Suite 2900
Vancouver
BC V6C 0A3
Canada
MKANGO APPOINTS SENET AS LEAD ENGINEER FOR THE SONGWE HILL RARE
EARTHS PROJECT FEASIBILITY STUDY IN MALAWI
London / Vancouver: September 9, 2019 - Mkango Resources Ltd.
(AIM/TSX-V: MKA) (the "Company" or "Mkango"), the rare earths
development company focused on the advanced stage Songwe Hill
project ("Songwe") in Malawi, is pleased to announce that it has
appointed SENET, a DRA Global company, as lead engineer and project
manager for completion of the Feasibility Study. The Feasibility
Study is being funded by Mkango's strategic partner, Talaxis
Limited ("Talaxis"), a wholly-owned subsidiary of Noble Group
Holdings Limited.
SENET has longstanding experience in project management and in
providing detailed multidiscipline engineering, procurement,
logistics management, and construction services to the mining,
mineral processing, infrastructure and materials handling
industries. It has extensive project and construction experience
throughout Africa and boasts the largest and most advanced
hydrometallurgical process engineering team on the continent.
SENET's appointment is another key milestone for completion of
the Feasibility Study and development of the project. A number of
workstreams for the study are underway, including mining studies,
comminution, flotation, hydrometallurgical test work, and studies
in relation to the environmental, social and health impact
assessment.
William Dawes, Chief Executive of Mkango stated: "We are very
pleased to appoint SENET for the Songwe feasibility study. The
selection of SENET was measured against a range of criteria, and
its technical capabilities and African experience were key factors
in the decision. Mkango has the right financial and technical
partnerships in place to enable development of Songwe into Africa's
leading producer of rare earths."
Darren Naylor, Managing Director of SENET stated: "SENET is
looking forward to working with Mkango and all stakeholders on this
project, which offers a unique opportunity for SENET to continue
demonstrating its diverse capability across the African
Continent."
Daniel Mamadou, Executive Director of Talaxis stated: "We are
delighted to continue with our funding and strategic support of the
Songwe Hill project, which has the potential to become a leading
rare earths producer in Africa. Songwe Hill plays an important part
in Talaxis' upstream investment portfolio, as we aim to become a
global leader in technology metals project development and the
partner of choice for the technology metal and rare earth
industry."
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement may have been
deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
About Mkango Resources Limited
Mkango's primary business is exploration for rare earth elements
and associated minerals in the Republic of Malawi, a country whose
hospitable people have earned it a reputation as "the warm heart of
Africa". The Company holds interests in four exclusive prospecting
licenses in Malawi: the Phalombe licence, the Thambani licence, the
Chimimbe Hill licence and the Mchinji licence.
The main exploration target in the 51% held Phalombe licence is
the Songwe Hill rare earths deposit. This features
carbonatite-hosted rare earth mineralisation and was subject to
previous exploration in the late 1980s. Mkango completed an updated
Pre-Feasibility Study for the project in November 2015 and a
Feasibility Study is currently underway, the initial phases of
which included a 10,900 metre drilling programme and an updated
mineral resource estimate, announced in February 2019. In March
2019, the Company announced receipt of a GBP7 million (C$12.3
million) investment from Talaxis to fund completion of the
Feasibility Study. Following completion of the Feasibility Study,
Talaxis has an option to acquire a further 26% interest in Songwe
by arranging financing for project development including funding
the equity component thereof.
Mkango also holds a 75.5% interest in Maginito, with the balance
owned by Talaxis. Maginito is focused on downstream opportunities
relating to the rare earths supply chain, in particular neodymium
alloy powders, magnet and other technologies geared to accelerating
growth in the electric vehicle market.
The main exploration targets in Mkango's remaining three 100%
held licences are, in the Thambani licence, uranium, niobium,
tantalum and zircon, in the Chimimbe Hill licence, nickel and
cobalt and, in the Mchinji licence, nickel, cobalt, base metals and
graphite.
For more information, please visit www.mkango.ca.
About SENET
SENET, a wholly owned subsidiary of DRA Global, was founded in
1989 and has its head office in Johannesburg, South Africa. For
nearly three decades, SENET has provided project management,
detailed multidiscipline engineering, procurement, logistics
management, and construction services to the mining, mineral
processing, infrastructure and materials handling industries. SENET
has extensive project and construction experience in remote
countries throughout Africa, as well as in the Middle East, Asia,
and Central and South America. SENET has successfully completed
more than 500 projects and studies in Africa and has completed more
copper-cobalt solvent extraction (SX) and electrowinning (EW)
plants on the African Copperbelt than any other firm in the market.
SENET employs over 300 people and boasts the largest and most
advanced hydrometallurgical process engineering team in Africa.
For more information, please visit: www.senet.co.za
About Talaxis
Founded in 2016, Talaxis is a wholly-owned subsidiary of Noble
Group Holdings Limited and invests in and develops projects that
are related to technology metals, with a special focus on rare
earth elements. Talaxis focuses on battery and electric vehicle
materials such as nickel, lithium, graphite and vanadium. Talaxis
has supply chains partners in the upstream and midstream segments,
and also focuses on research and development solutions for
industrial consumers in the downstream segment. Talaxis prioritises
sustainable ventures with a strong emphasis on corporate social
responsibility. These include projects that contribute to the
decarbonisation of the economy and that are aligned with the United
Nations Sustainable Development Goals.
For more information, please visit www.talaxis.com
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 and its business. Generally, forward looking
statements can be identified by the use of words such as "plans",
"expects" or "is expected", "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. Forward looking
statements in this news release include statements with respect to
completion of the feasibility study and of the transactions
contemplated in the agreement with Talaxis, as well as the use of
proceeds from the investments into the Company by Talaxis and the
timing of such expenditures. 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,
market demand for the metals and associated downstream products for
which Mkango is exploring, researching and developing, the positive
results of a feasibility study on the Project, delays in obtaining
financing or governmental or stock exchange approvals. 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 disclaims any intention and assumes 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
UK: +44 207 3722 744
Canada: +1 403 444 5979
www.mkango.ca
@MkangoResources
Blytheweigh
Financial Public Relations
Tim Blythe, Camilla Horsfall, Julia Tilley
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, Rob Collins
UK: +44 20 7186 9004; +44 20 7186 9001
For more information about Talaxis, please visit www.talaxis.com
or contact:
Finsbury Citadel-MAGNUS
Alastair Hetherington / Dorothy Burwell / Humza Vanderman Peter Brookes / Helen McCombie
Tel: +44 20 7251 3801 Tel: +61 2 8234 0100
Email: noble@finsbury.com Email: media@citadelmagnus.com
The TSX Venture Exchange has neither approved nor disapproved
the contents of this press release. Neither the TSX Venture
Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
This press release does not constitute an offer to sell or a
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
registration requirements of the U.S. Securities Act.
This information is provided by RNS, the news service of the
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Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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