Mkango Resources (LON:MKA) Trading Down 1.3% – Here’s What Happened

Mkango Resources Ltd. (LON:MKA)’s share price was down 1.3% during mid-day trading on Tuesday . The stock traded as low as GBX 38 and last traded at GBX 39. Approximately 969,523 shares were traded during mid-day trading, a decline of 38% from the average daily volume of 1,569,906 shares. The stock had previously closed at GBX 39.50.

Mkango Resources Price Performance

The company has a debt-to-equity ratio of -64.29, a quick ratio of 0.87 and a current ratio of 0.14. The stock’s 50-day moving average is GBX 40.81 and its 200 day moving average is GBX 45.30. The stock has a market capitalization of £151.17 million, a PE ratio of -9.26 and a beta of 1.73.

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.