Mkango Resources (LON:MKA) Trading Up 1.7% – Should You Buy?

Mkango Resources Ltd. (LON:MKA)’s stock price was up 1.7% during mid-day trading on Tuesday . The stock traded as high as GBX 61 and last traded at GBX 60. Approximately 1,586,884 shares changed hands during mid-day trading, an increase of 25% from the average daily volume of 1,267,771 shares. The stock had previously closed at GBX 59.

Mkango Resources Trading Up 1.7%

The firm has a fifty day moving average price of GBX 48.87 and a 200 day moving average price of GBX 45.48. The firm has a market cap of £208.32 million, a PE ratio of -13.07 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. 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.