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

Mkango Resources Ltd. (LON:MKA) dropped 1.3% during mid-day trading on Tuesday . The stock traded as low as GBX 38 and last traded at GBX 39. 969,523 shares were traded during 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 Stock Performance

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 stock’s 50 day moving average price is GBX 40.77 and its two-hundred day moving average price is GBX 45.19. The firm has a market capitalization of £157.95 million, a price-to-earnings ratio of -9.68 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.