By Taonga Sabola:
Canadian mining firm, Mkango Resources Limited, on Monday reported a 60 percent jump in mineral resource at its Songwe Hill Rare Earths Mine in Phalombe District.
Mkango Resource Chief Executive Officer, William Dawes, said the revelation provides a solid platform for completion of a revised mine plan to be incorporated into the company’s feasibility study.
Dawes said, based on the larger Measured and Indicated Resource, the feasibility study will evaluate opportunities to include more tonnes into the mine plan, expand operations, extend the mine life, reduce the strip ratio and reduce mining cost.
The mineralisation update follows last year’s drill programme and brings total minerals estimate to 21million tonnes.
Mkango said in a statement on Monday the updated and enlarged resource underpins the firm’s strategy to be a long-term, producer of neodymium, praseodymium, dysprosium and terbium used in permanent magnet motors for electric vehicles, wind turbines and other clean technologies.
It adds that the publication of the NI43- 101 Technical Report in relation to the resource update will trigger the next £7million milestone investment from Talaxis to fund completion of the feasibility study.
Mkango’s primary business is exploration for rare earth elements and associated minerals in Malawi.
The company holds interests in three exclusive prospecting licenses in Malawi: the Phalombe licence, the Thambani licence and the Chimimbe Hill licence.