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Sovereign Metals Ltd on Monday said the Kasiya rutile-graphite project in Malawi is not affected by a prohibition of the export of raw minerals from Malawi.
The Perth, Australia-based mining company noted that Malawi’s newly elected President Peter Mutharika issued an executive order banning the export of raw minerals from the African country.
Sovereign Metals said: ‘This prohibition does not apply to the company or the Kasiya rutile-graphite project as the ban only relates to minerals that have not been processed, refined, or value-added in Malawi.’
The company added: ‘With regards to its future planned Kasiya operations, Sovereign has no plans to export run-of-mine heavy mineral sands as defined in the executive order. All future mineralisation will be extracted and beneficiated in country to a final premium quality rutile (+95% titanium dioxide) product. The high-quality Kasiya rutile product is planned to be a direct feedstock for titanium sponge production for high-end titanium metal products, including aerospace and defence applications. Similarly, Sovereign intends to process the run-of-mine graphite as defined in the executive order in-country to produce a high-quality graphite product (96% C) suitable for major industry end markets including battery producers and refractory manufacturers.’
Sovereign Metals shares fell 9.3% to 31.75 pence each on Monday afternoon in London.
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