Mkango Reports First Quarter Earnings

by | 30. May 2023 - 10:16 | Economy

The company has reduced its loss per share but remains in a deficit.

Canadian rare earths mining and exploration company Mkango Resources Ltd. has reported earnings for the first quarter of 2023 ending March 31. The corporation announced a loss after tax of $559,988 compared to $2,231,836 for the same quarter last year. Mkango attributes the decrease in the loss to the fact that expenditures relating to the feasibility studies of its Songwe Hill rare earths project in Malawi finished in 2022.

Besides numbers, Mkango has also unveiled its future plans: The company is trying to differentiate itself from its competitors through an integrated Mine, Refine, Recycle strategy, combining all parts of the rare earths supply chain including recycling which is becoming increasingly important.

In the mining division, Mkango reports progress in developing the Songwe Hill rare earths project in Malawi while highlighting that the company holds multiple other exploration projects in the Southeastern African country. Parallel to mining, the downstream processing also made progress, according to the company. Mkango’s Polish subsidiary is developing a rare earth separation plant at Pulawy in Poland.

To combine mining and processing with sustainable recycling, Mkango’s subsidiary Maginito increased ownership in the British rare earth magnet recycling pioneer HyProMag from 42 percent to 100 percent earlier this month.

Photo: iStock/EvgenyMiroshnichenko

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