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Mkango has received the support of the Malawi’s Government for the development of Songwe Hill and its confirmation of the quality of Mkango’s management. Short term metrics: Fully funded to complete the feasibility study, which is is expected to be released by mid 2020. Metallurgical pilot test work progress well in Australia where 60 tonnes bulk sample has arrived.

Today PGM basket price is recovering and 2019 perspective should maintain the basket price over its sustainable low limit of 13'000 ZAR/oz. The offer is coming mainly from South Africa (65%), where the mining industry is still facing severe socio-environmental constraints. According to WPIC annual 2019 market balance will narrow to a surplus of 345 koz. However the Rand weakness against the dollar accentuates PGM producer basket pricing providing some cost relief. Nevertheless, the wage agreements and safety measures have involved strategic reviews by major producers. Among reviews, the adoption of mechanized mining over the best suited reefs, labour reduction and long term profitable mines retention would transform the South African PGM industry.

China will implement an additional 5% tariff on imports of US rare earth metals and oxides effective 1 September. On a short term, the impact is very low, only Shenge Resources might be impacted with Mountain Pass material . In the long term there will be imports from Greenland, Africa and Australia. China wants to support its dominant position while reducing its resource tax by 7% for medium to heavy rare earths (27% started in 2015).

Les objectifs pour maintenir un réchauffement climatique sur notre globe inférieur à 2 degré Celsuis ne sont pas atteignables selon le calendrier établi durant la COP21. Certains secteurs (mobilité électrique, stockage de l'énergie et énergies renouvelables) sont contraints à une forte croissance pour permettre de tendre vers un billan d'émissions CO2 neutre. Des investissements conséquents doivent être consentis le plus rapidement possible dans ces secteurs.

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Schematic view of battery efficiency along different supply chains

A schematic view of fuel cells vs batteries in e-mobility

Pure Gold Mining is well managed and the geological expertise tends to be proven by the drilling results and successive mineral resource updates. The company shareholders comprise strategic and long term investors, which have a buy-and-hold strategy. With 2Moz of resources the project remains below major's target; however the geological model and the exploration potential of high grade ore might bring additional value on a mid term horizon (2-3 years).

Charts and tables compilation for a selection of rare earth elements.

Charts and tables compilation for a selection of speciality (minor) metals.

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