Mkango Resources granted Phalombe Licence renewal

Mkango Resources said the Government of Malawi has granted a further two-year renewal for Exclusive Exploration Licence 0284, better known as the Phalombe Licence.

Mkango's flagship project, the Songwe Hill rare earth project, for which an updated pre-feasibility study was completed in November 2015, is located in the Phalombe Licence.

So, too, are the Nkalonje, Mantrap, Knoll and Namangale prospects.

At about 10:38 BST, shares in Mkango were down 3.33% to 3.62p.