Mkango Resources (LON:MKA) Stock Price Down 2.4% – Here’s What Happened

Mkango Resources Ltd. (LON:MKA)’s stock price dropped 2.4% during mid-day trading on Tuesday . The stock traded as low as GBX 40 and last traded at GBX 40. Approximately 825,148 shares traded hands during mid-day trading, a decline of 51% from the average daily volume of 1,682,731 shares. The stock had previously closed at GBX 41.

Mkango Resources Trading Down 2.4%

The company has a current ratio of 0.14, a quick ratio of 0.87 and a debt-to-equity ratio of -64.29. The company has a market cap of £155.04 million, a PE ratio of -9.50 and a beta of 1.70. The stock has a 50 day moving average price of GBX 44.99 and a 200 day moving average price of GBX 47.51.

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.