Noble Group subsidiary invests in Malawi rare earth elements explorer

COMMODITIES trader Noble Group said that its subsidiary Talaxis Ltd has acquired 14,285,715 common shares of rare earth elements exploration firm Mkango Resources Ltd, a company dually listed on the Alternative Investment Market of the London Stock Exchange and Canada's TSX Venture Exchange.

The sum paid was £500,000 (S$896,000), at 3.5 pence per share.

Upon completion of the acquisition, Talaxis will hold an equity interest of 14.5 per cent in Mkango.

Mkango last traded in London at four pence, up 0.75 pence or 23 per cent.

It focuses on mineral exploration of rare earth elements in Malawi, a country in south-east Africa.

Noble last traded at S$0.30.