Sovereign Metals Limited Kasiya Recognised by the President of Malawi (0928B)
September 29 2022 - 2:00AM
UK Regulatory
TIDMSVML
RNS Number : 0928B
Sovereign Metals Limited
29 September 2022
SOVEREIGN METALS LIMITED
NEWS RELEASE I 29 SEPTEMBER 2022
GLOBAL SIGNIFICANCE OF KASIYA RECOGNISED BY THE PRESIDENT OF
MALAWI AT UNITED NATIONS
Sovereign Metals Limited (ASX:SVM; AIM:SVML) (the Company or
Sovereign) was delighted with a special mention of the Kasiya
Rutile Project (Kasiya) by His Excellency Dr Lazarus McCarthy
Chakwera, President of the Republic of Malawi, during his address
at the 77th session of The United Nations General Assembly in New
York.
Extract from His Excellency Dr Lazarus McCarthy Chakwera's
address : "We are delighted that many private sector investors are
flocking to us to join the agricultural revolution that is coming
to Malawi, as well as investors in mining, who know that the recent
discovery in Malawi of the largest deposit of rutile in the world
means that Malawi's economic rise is imminent."
His Excellency's confirmation of the importance and global
significance of Kasiya comes as Sovereign continues its close
working relationship with the Government of Malawi and other key
stakeholders.
The Expanded Scoping Study announced in June 2022 confirms
Kasiya could become one of the world's largest and lowest cost
producers of natural rutile and natural graphite with a
carbon-footprint substantially lower than current titanium
feedstocks alternatives while significantly contributing to the
social and economic development of Malawi.
Sovereign's Managing Director Dr Julian Stephens commented : "It
is a terrific endorsement of the Kasiya discovery and its immense
potential by receiving recognition at such an important global
forum. Sovereign appreciates the great support it has received from
the Malawi Government and we look forward making a significant
contribution to development of the mining sector and achievement of
the country's economic vision. "
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
Optiva Securities +44 20 3137 1902
Daniel Ingram
Mariela Jaho
Christian Dennis
About Sovereign Metals
Sovereign Metals Limited (ASX:SVM & AIM:SVML) is an ASX and
AIM-listed company focused on the exploration and development of
its Kasiya rutile project in Malawi.
The Company recently completed an Expanded Scoping Study which
confirmed Kasiya as a large-scale, long-life operation with a
low-cost profile as a significant source of critical raw materials.
Kasiya has the potential to become a major producer of both the
natural rutile and graphite markets whilst contributing
significantly to the economy of Malawi.
Natural rutile is the purest, highest-grade natural form of
titanium dioxide (TiO(2) ) and is the preferred feedstock in
manufacturing titanium pigment and producing titanium metal.
The natural rutile market is in structural deficit with current
supply estimated to decline rapidly by 45% in the next three years,
following the scheduled closures by two major high-grade
producers(1) . A resurgence in demand for titanium pigment and from
the welding sector combined with concurrent supply shortages has
led the CIF China spot prices sharply upwards to over US$2,200 per
tonne(2) .
Sources
1. TZMI
2. Ruidow.com based on Australian Rutile (TiO2>95%, P<0.03%, S<0.03) CIF Tianjin Port
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.
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