• Australia’s Lindian Resources owns 100% of the Kangankunde project
• Shareholding is led by Australian institutional and private investors
• Malawi may still take a free equity stake under its mining code

Kangankunde, set to become Africa’s next major rare earths mine, is scheduled to begin operations in Malawi by the end of 2026. Ahead of that milestone, Lindian Resources, which owns 100% of the project, is continuing development work on site to meet the timeline. The project is seen as a key asset both for the Australian mining company and for its shareholders.

By holding shares in Lindian Resources, investors are directly exposed to the development of Kangankunde. Shareholders have voting rights on the company’s strategic decisions and are expected to benefit from future cash flows generated by the mine, including potential dividends. Lindian’s shareholder base remains largely Australian, led by Regal Funds Management.

The alternative investment manager is Lindian’s largest institutional shareholder, with a 10.04% stake. It is followed by Australian private company Kabunga Holdings, which holds 7.4%, as well as other investors including Bonacare Pty with 4.1% and Ven Capital with 3.6%. Lindian’s capital also includes non-Australian investors, notably Nigeria-based private firm Prithvi Energy Nigeria, which owns 6.7%. Individual investors are also present, including mining entrepreneur Rohan Patnaik, who holds 3.48%.

At this stage, there is no indication that the Malawian state holds a stake in Kangankunde. However, the country’s mining code allows the government to “acquire, directly or through a designated representative, at no cost, a free equity interest in any mining project subject to a large-scale mining license.” It remains to be seen whether Lilongwe will exercise this option before the mine enters production.

Regardless, Kangankunde is expected to become a new source of tax revenue for Malawi, which aims to raise the mining sector’s contribution to GDP from less than 1% currently to 10% by 2063. Under current plans, the mine is expected to produce about 15,300 tons of rare earth concentrate per year in its first phase, before rising to 50,000 tons per year in a second phase that is still under review.

Aurel Sèdjro Houenou