Mkango Receives C$12.3-million to Fund Rare Earth Project

Mkango Resources (TSXV:MKA,LSE:MKA) has received an additional C$7 million investment from Talaxis, increasing Talaxis’ percentage in the Lancaster JV to 49 percent.

As quoted from the press release:

The investment by Talaxis will fund completion of the feasibility study for Songwe, which is currently underway and expected to be completed in 2020. The updated resource described in the technical report will form the basis for the feasibility study. Following completion of the feasibility study, Talaxis has an option to acquire a further 26 percent interest in Songwe by arranging financing for project development including funding the equity component thereof.

William Dawes, chief executive of Mkango stated: “Mkango is uniquely positioned in the rare earths sector with an advanced stage rare earths project in a favourable jurisdiction and a strong strategic partnership with Talaxis providing the financial means and network of relationships throughout Asia and elsewhere to deliver a successful project.”

Alexander Lemon, president of Mkango stated: “This project will be transformational for Malawi, empowering local communities and validating Malawi’s credentials as one of Africa’s premier investment destinations. We are very appreciative of the support we continue to receive from the Government of Malawi and all stakeholders as we progress through the feasibility study.”

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