Lindian Resources Defends Kangankunde Export Rights as Malawi Tests Its Mine-to-Market Model

Highlights

• Malawi's MMRA confirmed in writing that Kangankunde's beneficiated monazite concentrate can be exported under the existing regulatory framework as of October 2025.
• New beneficiation regulations are still draft proposals under consultation until October 10, 2026, meaning no export ban is currently in force.
• Lindian's strategy links Kangankunde Stage 1 output of ~15,323 tonnes of 55% TREO concentrate annually to its SARECO hydrometallurgy plant in Kazakhstan for MREC conversion.
• Mining has commenced at Kangankunde, Stage 1 is fully funded, and Q4 2026 production remains targeted against a 261 Mt resource grading 2.14% TREO.
• The critical risk is Malawi's final beneficiation regime redefining sufficient value addition, which could force a redesign of Lindian's mine-to-market architecture.