Laboratory in Lilongwe. Source: Sovereign Metals.
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Sovereign Metals (SVM) further progresses its development of the Kasiya rutile project in Malawi by taking steps to an ESG framework in the community
  • Sovereign continues to undertake several initiatives to help in the development of Malawi and its local communities
  • This includes promoting education in Malawi through school upgrades, advancing local community infrastructure and establishing international standard mining industry facilities
  • Sovereign ends the day five per cent in the green to trade at 52.5 cents

Sovereign Metals (SVM) have further progressed the development of the Kasiya rutile project in Malawi by taking steps to establish environmental, social and governance (ESG) frameworks.

According to the company, Kasiya is “the largest rutile deposit in the world.”

Sovereign continues to undertake several initiatives to help in the development of Malawi and its local communities.

This includes promoting education in Malawi through school upgrades, advancing local community infrastructure, establishing international standard mining industry facilities and employing a diverse workforce.

“Over the last decade Sovereign has worked very hard to establish and maintain a strong and positive social licence to operate in Malawi,” Managing Director Julian Stephens said.

“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,” he said.

Schools upgrade

Sovereign has found four schools in the neighbouring community of Kasiya which “will significantly benefit from access to additional learning materials and upgrades to their learning environment.”

Furthermore, Sovereign has created a scholarship program which will provide high school students with support to reach their full potential.

University students will have the opportunity to undertake an internship program, which the company has accepted 12 students to help with its upcoming drilling program.

Local infrastructure

Sovereign has created an international standard laboratory facility in Malawi. This facility provides the company with the ability to analyse drill samples for rutile content.

The facility has the ability to process over 80 samples per day.

The company has also recently completed the construction to a new community centre in Malingunde. The centre is designed to gather and host community events.

Sovereign also commissioned four water bores across its licence area to provide local communities with drinkable water.

Water bores save local communities transit times and provide a clean source of water.

Employment and training

The company currently employs 45 full time employees, with 60 per cent of its workforce professional Malawian staff and at least 50 per cent of Sovereigns 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,” the company said.

“Similar projects in Africa typically witness a flow on effect for employment in local communities.”

Sovereign has ended the day five per cent in the green with shares trading at 52.5 cents.

SVM by the numbers
More From The Market Herald
The Market Herald Video

" Strike Energy (ASX:STX) and Talon Energy (ASX:TPD) to commence flow testing at Walyering-6, WA

Joint venture (JV) partners Strike Energy (ASX:STX) and Talon Energy (ASX:TPD) are gearing up to begin…
The Market Herald Video

" Brookside Energy (ASX:BRK) completes isolation plug milling at Flames Well

Brookside Energy (ASX:BRK) successfully completes milling out the isolation plugs used in the multi-stage stimulation at…
The Market Herald Video

" Anson Resources (ASX:ASN) expedites resource upgrade at Paradox, US

Anson Resource (ASX:ASN) announces plans to expedite its JORC Resource upgrade at the Paradox lithium project…
Alkane Resources (ASX:ALK) - Managing Director, Nic Earner

" Alkane Resources’ (ASX:ALK) Tomingley exceeds FY22 production guidance

Alkane Resources' (ASX:ALK) Tomingley gold operation has exceeded its production guidance for the 2022 financial year.