29th Nov 2019 18:01
(Alliance News) - Mkango Resources Ltd on Friday said loss more than halved in the third quarter of 2019, following a steep drop in mineral exploration expense.
The Songwe Hill rare earth project developer, with other projects in Malawi, posted a USD1.1 million total comprehensive loss for the three months ended September 30, far narrower than the USD2.8 million loss reported the year before.
This difference was largely due to a profound drop in mineral exploration expenditures to just USD412,158 versus USD2.2 million the year prior.
Looking forward, the company is evaluating partnership opportunities for its Thambani licence, having commenced an exploration programme there.
Shares in Mkango closed up 0.1% at 7.36 pence in London on Friday.
By Anna Farley; [email protected]
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