Mkango Resources (LON:MKA) Stock Price Down 7.8% – Here’s Why

Shares of Mkango Resources Ltd. (LON:MKA) fell 7.8% during mid-day trading on Monday . The stock traded as low as GBX 57 and last traded at GBX 59. 1,225,708 shares were traded during trading, a decline of 54% from the average session volume of 2,645,420 shares. The stock had previously closed at GBX 64.

Mkango Resources Trading Down 0.2%

The business has a 50 day moving average of GBX 47.52 and a 200-day moving average of GBX 32.41. The stock has a market cap of £179.42 million, a PE ratio of -67.59 and a beta of 2.17.

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.