DJ Mkango Resources Shares Rise on News of Rare-Earth Extraction Project Completion

By Anthony O. Goriainoff

Mkango Resources Ltd. shares rose Thursday after the company said HyProMag Ltd. and partners had successfully completed their Rare-Earth Extraction from Audio Products project.

Shares at 0835 GMT were up 3.25 pence, or 12%, at 29.75 pence.

The London- and Toronto-listed mining company said the project was led by HyProMag--in which its subsidiary Maginito Ltd. holds a 25% stake with an option to increase this to 49%--in partnership with European Metal Recycling Ltd., and the University of Birmingham.

The project recycles rare earth magnets from loudspeakers in vehicles and flat screen televisions, the company said.

"Recycling is a key component of Mkango's 'mine, refine, recycle' strategy via its strategic interest in HyProMag, and will become an increasingly important part of the rare-earth supply chain in the U.K., Europe and elsewhere. HyProMag is well positioned to unlock that supply chain with access to the technology, expertise and network of partnerships to make it happen, and Mkango looks forward to supporting HyProMag as it scales up to commercial production," Mkango Chief Executive William Dawes said.

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

(END) Dow Jones Newswires

September 30, 2021 04:42 ET (08:42 GMT)

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