TIDMSVML
RNS Number : 8628M
Sovereign Metals Limited
26 May 2022
SOVEREIGN METALS LIMITED
NEWS RELEASE I 26 MAY 2022
SOVEREIGN ESG FRAMEWORK ADVANCES SOCIAL INITIATIVES IN
MALAWI
-- Environmental, Social and Governance (ESG) framework established
to advance Sovereign's Corporate Social Responsibility in Malawi
-- Sovereign continues to undertake several initiatives to assist
in the development of Malawi and its local communities
- Promoting education in Malawi through a Schools Upgrade Program
and creation of a Scholarship Program for high school learners
- Advancing local community infrastructure including construction
of a new Community Centre at Malingunde and commissioning of
water bores across the Company's licence area to provide local
communities with drinking water
- Establishing international standard mining industry facilities
with the construction of an extensive rutile sample laboratory
in Lilongwe
- Employment of a diverse workforce and developing key exploration
and mining-applicable skills through training programs
- Continuing engagement with key stakeholders from local communities
through to Government level
-- Sovereign aims to become an industry leader in social responsibility
having successfully worked with communities in Malawi over the
last decade who remain highly supportive and are well positioned
to benefit from the development of new mining projects
-- Updated Scoping Study incorporating the upgraded resource is due
for completion in the coming weeks
Sovereign Metals Limited (ASX:SVM; AIM:SVML) (the Company or
Sovereign) continues its development of the Kasiya rutile project
(Kasiya), the largest rutile deposit in the world, the Company is
pleased to announce that it has taken proactive steps to establish
ESG frameworks to become an industry leader in its corporate social
responsibility in Malawi.
Sovereign remains committed to making informed choices in line
with our strong corporate governance, financial capabilities,
operational efficiency, environmental stewardship, stakeholder
engagement and resource management.
Sovereign's Managing Director Dr Julian Stephens commented :
"Over the last decade Sovereign has worked very hard to establish
and maintain a strong and positive social licence to operate in
Malawi. The future development of the Kasiya Rutile Project will
bring substantial benefits to Malawi in terms of GDP, royalties,
taxes, employment and training, local business opportunities and
community development. In advancing Kasiya, Sovereign will strive
to become a leading socially responsible corporate"
ENQUIRIES
Dr Julian Stephens (Perth) Sam Cordin (Perth) Sapan Ghai (London)
Managing Director +61(8) 9322 6322 +44 207 478 3900
+61(8) 9322 6322
Nominated Adviser on AIM
RFC Ambrian
Bhavesh Patel / Andrew Thomson +44 20 3440 6800
Joint Brokers
Berenberg +44 20 3207 7800
Matthew Armitt
Jennifer Lee
Varun Talwar
Optiva Securities +44 20 3137 1902
Daniel Ingrams
Mariela Jaho
Christian Dennis
PROMOTING EDUCATION IN MALAWI
Sovereign understands the importance of education for young
Malawians. At a community level, the Company is working to improve
the local learning environment and is working in close cooperation
with the local education committees.
Schools upgrade program
Sovereign has identified four schools in the neighbouring
community of Kasiya which would significantly benefit from access
to additional learning materials and upgrades to their learning
environments. This initiative has the endorsement and support from
the Education Technical Committee, who have commended the Company
for the program.
Scholarship Program
Furthermore, Sovereign has established a scholarship program
which will provide high school learners with sufficient support to
reach their full potential. An initial eight students have entered
the scholarship program.
Internship Program
Sovereign regularly provides internships with students from the
University of Malawi (Chancellor College) and the Mining
Engineering Department of the Polytechnic. The Company has accepted
twelve students to assist in the upcoming drill program with six
geology and six engineering students gaining experience and
exposure to the industry.
ADVANCING LOCAL INFRASTRUCTURE
Laboratory facilities
Sovereign has established an international standard laboratory
facility in Malawi. This facility provides Sovereign the ability to
analyse drill samples for rutile content.
The facility has the ability to process over 80 drill samples
per day with the processing controlled by QA/QC procedures, which
includes a certified magnetic separation unit. During a recent
visit from Government officials, they were very impressed with the
high-standard and professionalism of the laboratory.
Malingunde Community Centre
Sovereign has recently completed the construction of a new
Community Centre in Malingunde. The Community Centre is designed to
establish a central point for the Malingunde community to gather
and host events.
Water bores
To provide local communities with drinkable water. Sovereign has
commissioned four water bores across its licence area. The water
bores save the local communities transit times and provide a clean
source of water.
EMPLOYMENT AND TRAINING OF A DIVERSE WORKFORCE
The Company currently employs 45 full time employees and is an
equal opportunities employer with a gender diverse workforce.
Currently, 60% of Sovereign's professional Malawian staff and at
least 50% of our regular interns are women.
It is estimated during the operation of Kasiya it will create
hundreds of direct jobs and significantly more indirect jobs in the
community. Similar projects in Africa typically witness a flow on
effect for employment in local communities. For every person
employed directly in the project a significant multiplier of people
will be employed in indirect jobs. These jobs would be supported by
the Company's supply chain and additional consumer spending
generated by the new direct and indirect employment.
Sovereign has structured training and skills transfer programs
covering on-the-job training for full-time employees, as well as
programs for local graduates and interns. The programs focus on
building skills capacity in the surrounding community. Recent
examples of this include defensive driving and first aid for senior
staff in Malawi.
COMMUNITY ENGAGEMENT
The Company understands that achieving our long-term goals is
reliant on building beneficial relationships with the communities
in which we operate and establishing a balanced flow of mutual
benefit.
Sovereign has ensured it has maintained engagement with key
stakeholders from local communities through to Government. The
Company has completed a number of initiatives and community
interactions, these include large community information sessions
and education on the Company's activities and future operations.
Stakeholders have appreciated how the project will enhance their
communities and the benefits that mining can bring.
Forward Looking Statement
This release may include forward-looking statements, which may
be identified by words such as "expects", "anticipates",
"believes", "projects", "plans", and similar expressions. These
forward-looking statements are based on Sovereign's expectations
and beliefs concerning future events. Forward looking statements
are necessarily subject to risks, uncertainties and other factors,
many of which are outside the control of Sovereign, which could
cause actual results to differ materially from such statements.
There can be no assurance that forward-looking statements will
prove to be correct. Sovereign makes no undertaking to subsequently
update or revise the forward-looking statements made in this
release, to reflect the circumstances or events after the date of
that release.
This ASX Announcement has been approved and authorised for
release by the Company's Managing Director, Dr Julian Stephens.
To view this announcement in full, including all figures and
illustrations, please refer to www.sovereignmetals.com.au .
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END
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