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Mkango Resources ( (TSE:MKA) ) has provided an update.
Mkango Resources Ltd. has secured US$ 4.6 million in project development funding from the U.S. International Development Finance Corporation (DFC) for its Songwe Hill rare earth project in Malawi. This funding will support front-end engineering design and value engineering studies, with the potential for further financing from the DFC contingent on successful completion of these studies. The funding aligns with the DFC’s strategy to support high-impact projects and could position Mkango as a key player in the global rare earth supply chain, enhancing its operational capabilities and market positioning.
More about Mkango Resources
Mkango Resources Ltd. is a company focused on becoming a leader in the production of recycled rare earth magnets, alloys, and oxides. It aims to develop sustainable sources of neodymium, praseodymium, dysprosium, and terbium to meet the growing demand from electric vehicles, wind turbines, and other clean energy technologies. The company is listed on AIM and the TSX Venture Exchange and has interests in Maginito Limited, which focuses on rare earth magnet recycling in the UK, Germany, and the USA. Mkango also owns the Songwe Hill rare earths project in Malawi and the Pulawy Rare Earth’s separation project in Poland.
For a thorough assessment of MKA stock, go to TipRanks’ Stock Analysis page.