Mkango Resources (LON:MKA) Stock Price Down 12.3% – Here’s What Happened

Mkango Resources Ltd. (LON:MKA)’s share price fell 12.3% during trading on Thursday. The company traded as low as GBX 28.05 and last traded at GBX 28.40. 3,250,732 shares changed hands during mid-day trading, an increase of 112% from the average session volume of 1,530,418 shares. The stock had previously closed at GBX 32.37.

Mkango Resources Stock Performance

The firm’s 50-day moving average is GBX 38.58 and its 200 day moving average is GBX 41.31. The stock has a market cap of £100.35 million, a PE ratio of -5.56 and a beta of 1.73. The company has a debt-to-equity ratio of 25.45, a quick ratio of 0.87 and a current ratio of 1.11.

Mkango Resources (LON:MKA) last issued its quarterly earnings results on Tuesday, September 1st. The company reported GBX (0.70) earnings per share for the quarter. Mkango Resources had a positive return on equity of 5,692.08% and a negative net margin of 31,610.42%.

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.