• Mkango Resources Limited raises 3.5 million euros.

• Mkango finalizing the Mine Development Agreement.

• Mkango announces a new project.

Mkango Resources Limited has conditionally raised 3.5 million euros. This was done by placing to finalize plans for the Songwe Hill rare earth project in Malawi and to begin work on a magnet recycling facility in Germany. The Songwe Hill is a carbonatite-hosted rare earth deposit. It is located in South-eastern Malawi, between Lake Chilwa and the Mulanje Massif, approximately 70km from the former capital Zomba and approximately 90km from the commercial center of Blantyre, which has an international airport and a railhead. Paved roads run from the urban to within 12km of Songwe Hill. Secondary gravel and dirt roads provide vehicle access to the exploration camp, with recently upgraded bridges capable of taking 20-tonne trucks.

Mkango also announced that it is finalizing the Mine Development Agreement with the Malawi government. Their associate HyProMag is targeting the first production from the 100 tonnes battery plant in 2024. Mkango also added that it is still in talks with potential partners for Songwe Hills.

This latest funding round will comprise a placing and subscription at 12.5 p a share. William Dawes, Mkango’s chief executive, said the fundraising positions the company for some major upcoming milestones, as negotiations for the Mine Development Agreement approach their conclusion.