Mkango Resources (LON:MKA) Stock Price Up 10.8% – Here’s Why

Shares of Mkango Resources Ltd. (LON:MKA) shot up 10.8% during trading on Friday . The stock traded as high as GBX 43 and last traded at GBX 41. Approximately 4,229,684 shares were traded during trading, an increase of 169% from the average session volume of 1,572,574 shares. The stock had previously closed at GBX 37.

Mkango Resources Stock Performance

The stock has a market cap of £158.92 million, a price-to-earnings ratio of -9.74 and a beta of 1.73. The company’s 50-day simple moving average is GBX 39.70 and its 200-day simple moving average is GBX 43.82. The company has a quick ratio of 0.87, a current ratio of 0.14 and a debt-to-equity ratio of -64.29.

Mkango Resources (LON:MKA) last announced its quarterly earnings data on Tuesday, September 1st. The company reported GBX (0.70) EPS for the quarter. Mkango Resources had a negative net margin of 28,220.69% and a positive return on equity of 749.80%.

About Mkango Resources

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.