Mkango cherishes links to investors
Mkango Resources Limited, which owns Songwe Hill Rare Earth Project in Phalombe District, has hailed its “close links” with United States and European markets to attract investors.
Mkango Resources Limited president Alexander Lemon said this at an investor webinar on Monday where alongside the firm’s chief executive officer William Dawes, he updated investors on its financing initiatives.

The presentation came weeks after the miner, through its subsidiary Lancaster Exploration Limited, hinted at listing the Songwe Hills Rare Earth Project on Nasdaq, a United States (US)-based securities exchange.
Said Lemon: “We assure you that we have close links with US and European markets. Our message is that you should watch the space because on January 8 [this year] we already signed a non-binding letter of intent for a proposed business combination transaction with Crown Prop Tech Acquisitions.”
He said the company will also unveil additional details regarding the transaction when a definitive agreement has been executed, referring to the business combination agreement contract which will eventually lead to the listing of Songwe Hill Rare Earth Project on Nasdaq.
During the presentation, Dawes responded to questions that mainly dwelled on the business case of its other subsidiary, HyProMag Rare Earth recycling company in the United Kingdom and Germany.
He said the business, which focuses on short loop rare earth magnet recycling, is promising and is getting investor trust as it has raised raised £2.34million (about K5.2 billion) through the issuance of shares on a private placement basis.
Said Dawes: “We are delighted by the continued support and confidence from our existing shareholders.
“This funding will enable Mkango Resources Limited to maintain momentum on achieving commercial production in the UK and the development of the Germany operation.”
In an interview on Monday, geologist Ignatius Kamwanje said the activeness of various mining companies on financing modalities shows how they are commitment to developing the projects.
He particularly highlighted the move to list Songwe Hills Rare Earth Project on Nasdaq as critical for the exposure of Malawi’s extraction industry.
He said: “Nasdaq being a well-known and trusted exchange entity worldwide, Mkango will benefit in investor exposure and will offer visibility worldwide at the same time eyeing profits.
“It will also stimulate liquidity, giving shareholders a sense of belonging, strength, growth and opportunities.”
During its 2024 third quarter financials, the company reported a cash position of $2 million (about K3.5 billion) that followed the 1.25 million pounds (about K2.8 billion) capital raising on September 5 and subsequent receipts of grant funding.
This also came months after the company said it raised 2.49 million Canadian dollars (about K3.2 billion) from existing shareholders to boost funding for its rare earths project at Songwe Hills in Phalombe District.
To list on Nasdaq, Mkango Resources subsidiaries, Lancaster Exploration Limited, which manages Songwe Hill Rare Earth Project and Mkango Polska, which manages Pulawy Rare Earth Separation Plant in Poland, will combine with Crown Prop Tech Acquisitions.
Crown Prop Tech Acquisitions is a Cayman Islands exempted special purpose acquisition company formed in 2021 to effect a merger, share exchange, asset acquisition, share purchase, reorganisation or similar business combination with one or more businesses.
Nasdaq is the world’s electronic exchange and operates in 29 markets in the USA and Europe.
The miner signed a mining development agreement with the Malawi Government in July 2024.
Mining contributes less than one percent to gross domestic product (GDP), but there are prospects the sector could contribute about 10 percent to GDP when three mining ventures roll out.
Mining is part of the ATM strategy alongside agriculture and tourism to stimulate economic growth and create jobs.