Mkango Resources (LON:MKA) Shares Down 11% – Here’s Why

Mkango Resources Ltd. (LON:MKA)’s share price dropped 11% during mid-day trading on Tuesday . The stock traded as low as GBX 42 and last traded at GBX 42. Approximately 399,330 shares changed hands during mid-day trading, a decline of 85% from the average daily volume of 2,605,497 shares. The stock had previously closed at GBX 47.20.

Mkango Resources Stock Performance

The business’s 50-day moving average is GBX 49.34 and its 200-day moving average is GBX 34.36. The company has a market capitalization of £153.96 million, a PE ratio of -56.33 and a beta of 2.17.

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.