Sovereign Metals (ASX:SVM) is continuing to work with the Government of Malawi and the Malawi Mines Department for the ongoing development of the Kasiya Project, following an executive order by President Mutharika regarding the prohibition of the export of raw materials from the country.
The purpose of the executive order is to prohibit raw materials export, promote local value addition, and ensure that the nation’s mineral resources contribute to the economic development and prosperity of Malawi.
The prohibition does not apply to Sovereign Metals or the Kasiya Project, as the ban only relates to minerals that have not been processed, refined, or value-added in Malawi.
Sovereign, which has a market capitalisation of $436.7 million, 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 the country to a final premium quality rutile product. The 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.
Sovereign also plans to process the run-of-mine graphite as defined in the executive order in-country to produce a high-quality graphite product suitable for major industry end markets including battery producers and refractory manufacturers.
Write to Aaliyah Rogan at Mining.com.au
Images: Sovereign Metals
