Mkango unaware of reason for increased trading activity

(Sharecast News) - Mkango Resources said on Friday that it was not aware of any material change in its operations that would explain the recent increase in trading activity in its shares.

The AIM- and TSX-V-traded rare earths company issued the statement at the request of the Canadian Investment Regulatory Organization (CIRO).

It confirmed that management was unaware of any undisclosed developments that could account for the heightened market interest.

Mkango said it was focused on becoming a market leader in the production of recycled rare earth magnets, alloys and oxides through its majority stake in Maginito Limited, which owns HyProMag in the UK and Germany, and Mkango Rare Earths UK, which is developing long-loop magnet recycling via a chemical route.

Maginito and partner CoTec Holdings are also rolling out their HPMS recycling technology in the United States through a 50/50 joint venture, HyProMag USA.

The company also owns the Songwe Hill rare earths project in Malawi and the Pulawy separation project in Poland, both of which have been designated as Strategic Projects under the EU Critical Raw Materials Act.

Mkango had signed a business combination agreement with Crown PropTech Acquisitions to list the Songwe and Pulawy projects on Nasdaq via a SPAC merger, subject to the completion of customary conditions.

At Friday's close, shares in Mkango Resources were up 17.86% at 66p.

Reporting by Josh White for Sharecast.com.