News News
Contact us
  • Customer service number:64321087
  • Commercial service telephone:13918059423
  • Technical service telephone:13918059423
  • Contact person: Mr. Cui 
  • Service email:shxtb@163.com
  • Address: room 107, building 8, no. 100, guilin road, xuhui district, Shanghai

Mkango Resources terminates agreement with MetalNRG

The date of: 2019-07-03
viewed: 3

source:Mining Technology

Mkango Resources and MetalNRG have agreed to terminate the non-binding heads of terms agreement announced in April, which set out the company’s intention to enter an earn-in agreement for Mkango’s Thambani Licence in Malawi.

The firms were to enter into a binding definitive agreement on or before 30 June.

Under the non-binding heads of terms agreement, MetalNRG had to invest up to $2m on exploration to earn the interest. MetalNRG was also required to invest $500,000 on exploration within the Thambani licence within one year of the date of the definitive agreement, including a drilling programme totalling 1,500m.

Mkango decided to begin further exploration programme at Thambani in 2019, following the inflow of £1.1m ($1.25m) raised from a recent warrant exercise.

The 2019 exploration programme will enable Mkango to retain 100% of  the Thambani exclusive prospecting licence, which features multiple zones of high-grade uranium, tantalum and niobium.

The Thambani prospect also features a number of extensive uranium radiometric anomalies.

In addition to exploration, Mkango will evaluate partnership opportunities for the project and continue the feasibility study for the Songwe Hill Rare Earths project.

Noble Group subsidiary Talaxis is covering the costs of the Songwe feasibility study, in exchange for a 49% stake in the project.

Mkango originally announced its plans to start the exploration programme at Thambani in May 2017.

Based in Canada, Mkango is engaged in the exploration of rare earth elements and associated minerals in the Republic of Malawi.

The company holds interests in prospecting licences of the Phalombe, Thambani and the Chimimbe Hill in Malawi


Hot News / Related to recommend
  • 2024 - 07 - 19
    Click on the number of times: 0
    source: Purdue UniversityPurdue University engineers have developed a patent-pending method to synthesize high-quality, layered perovskite nanowires with large aspect ratios and tunable organic-inorga...
  • 2024 - 07 - 18
    Click on the number of times: 0
    source:Innovation newsnetworkThe Analysis Center is developing innovative new materials-characterisation technology and expanding the suite of analytical techniques available regionally to support REE...
  • 2024 - 07 - 17
    Click on the number of times: 1
    source: Lawrence Berkeley National LaboratoryThe element actinium was first discovered at the turn of the 20th century, but even now, nearly 125 years later, researchers still don't have a good gr...
  • 2024 - 07 - 17
    Click on the number of times: 0
    source:Songshan Lake Materials LaboratoryResearchers at Songshan Lake Materials Laboratory have made significant advances in sodium-ion battery (SIB) technology by improving cycling performance of the...
  • Copyright ©Copyright 2018 2020 Shanghai rare earth association All Rights Reserved Shanghai ICP NO.2020034223
    the host:Shanghai Association of Rare Earth the guide:Shanghai Development and Application Office of Rare Earth the organizer:Shanghai rare earth industry promotion center
    犀牛云提供云计算服务