Sovereign Metals Limited Rutile Offtake MoU with Chemours (0124F)
November 02 2022 - 3:01AM
UK Regulatory
TIDMSVML
RNS Number : 0124F
Sovereign Metals Limited
02 November 2022
SOVEREIGN METALS LIMITED
NEWS RELEASE 2 NOVEMBER 2022
SOVEREIGN SIGNS RUTILE OFFTAKE MOU WITH CHEMOURS
MOU signed for supply of 20,000 tonnes of natural rutile per
annum from Kasiya to US-based Chemours, one of the world's largest
producers of high-quality titanium dioxide pigments
Sovereign Metals Limited (ASX:SVM; AIM:SVML) (the Company or
Sovereign) is pleased to announce that it has entered into a
non-binding Memorandum of Understanding (MOU) with The Chemours
Company (Chemours) for the potential supply of 20,000 tonnes of
natural rutile per annum from the Company's Kasiya Rutile Project
(Kasiya).
Upon signing the MOU, Sovereign's Managing Director Dr Julian
Stephens commented: " To have signed an MOU for the supply of
natural rutile to Chemours, a global leader in the titanium dioxide
pigment industry, is a true testament to the quality and strategic
nature of our world-class Kasiya Project in Malawi. We are excited
to be working with Chemours as a future off-take partner for our
premium, low carbon-footprint rutile products."
The MOU covers the potential supply of 20,000 tonnes per annum
of natural rutile at Stage 1 nameplate capacity and an option to
take additional product (tonnage to be agreed) when Kasiya reaches
Stage 2 nameplate capacity (refer to announcement dated 16 June
2022 entitled Kasiya Expanded Scoping Study Results ). Further,
volumes may be varied up or down by mutual agreement and pricing
will reference market prices of the day (both to be included in the
definitive agreement).
The MOU is non-exclusive and non-binding and remains subject to
negotiation and execution of the definitive agreement. The MOU will
expire two years from the execution date but can be extended by
agreement by both parties should a definitive agreement not have
been reached by that time.
CHEMOURS: ONE OF THE WORLD'S LARGEST PRODUCERS OF HIGH-QUALITY
TITANIUM DIOXIDE PIGMENT
Chemours is a leading provider of performance chemicals that are
key inputs in end-products and processes across a variety of
industries. Chemours operates 29 manufacturing sites serving
approximately 3,200 customers in approximately 120 countries.
Its Titanium Technologies segment is one of the world's largest
producers of high-quality titanium dioxide (TiO(2) ) pigment and
aspires to be the most sustainable TiO(2) enterprise in the world.
Using its proprietary chloride technology-pioneered in 1931 and
improving ever since-Chemours provides innovative TiO(2) solutions
for coatings, plastics, and laminates.
It operates four TiO(2) pigment production facilities: two in
the United States, one in Mexico, and one in Taiwan totalling
TiO(2) pigment nameplate capacity of 1.25 million tonnes per year.
In the year ended 31 December 2021, Chemours' Titanium Technologies
segment reported net sales of US$3.4 Billion.
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
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.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 as it forms part of
UK domestic law by virtue of the European Union (Withdrawal) Act
2018 ('MAR'). Upon the publication of this announcement via
Regulatory Information Service ('RIS'), this inside information is
now considered to be in the public domain.
Competent Persons Statement
The information in this announcement that relates to Production
Targets, Processing, Infrastructure and Capital and Operating
Costs, is extracted from the announcement dated 16 June 2022
entitled 'Kasiya Expanded Scoping Study Results' (Announcement).
Sovereign confirms that: a) it is not aware of any new information
or data that materially affects the information included in the
announcement; b) all material assumptions and technical parameters
underpinning the Production Target, and related forecast financial
information derived from the Production Target included in the
Announcement continue to apply and have not materially changed; and
c) the form and context in which the relevant Competent Persons'
findings are presented in this presentation have not been
materially modified from the Announcement.
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END
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