The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • Sovereign Metals (SVM) signs a non-binding memorandum of understanding (MoU) with Japanese trading house, Mitsui & Co
  • The contract establishes a marketing alliance and offtake for 30,000 tonnes of national rutile per annum from SVM’s Kasiya rutile project in Malawi
  • Additionally, the MoU will create a marketing alliance between the parties to jointly market Sovereign’s rutile across Asia and other markets
  • The companies are currently discussing final decisions before signing the an offical agreement
  • SVM shares jump 2.15 per cent on the market, trading at 47.5 cents at 12:15 pm AEST

Sovereign Metals (SVM) has signed a non-binding memorandum of understanding (MoU) with Mitsui & Co, one of the largest global trading and investment companies in Japan.

The contract establishes a marketing alliance and offtake for 30,000 tonnes of national rutile per annum from SVM’s Kasiya rutile project in Malawi.

Additionally, the MoU will create a marketing alliance between the parties to jointly market Sovereign’s rutile across Asia and other markets.

The MoU will allow the companies to further discuss the agreement before a final decision is made.

“The Asia region is a key natural rutile market with all major end-use sectors well established and further strong growth forecast,” Managing Director Dr Julian Stephens said.

“We expect expanding technology developments and increasing environmental awareness to drive greater demand for natural rutile.

“This marketing alliance with a very high-calibre partner in Mitsui will assist Sovereign
to penetrate these ever-growing markets.”

Natural rutile is classified as a high-grade titanium feedstock, with Asia being identified as a key growth market for high-grade titanium feedstocks.

SVM shares jumped 2.15 per cent on the market, trading at 47.5 cents at 12:15 pm AEST.

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

Market Close: ASX200 closes higher on interest rates pause

The ASX200 spiked straight after the Reserve Bank of Australia announced it’ll hold interest rates at…

The Calmer Co has shipped its Fiji Kava health shots to Australia

The Calmer Co (ASX:CCO) has confirmed its Kava-based health drink products have been shipped to Coles…

The Calmer Co’s FijiKava now at USA’s Walmart

Not long after hitting the shelves at Coles, Calmer Co's Fiji Kava products have hit the…
The Market Online Video

Webinar: Australia’s Uranium Awakening: Investing in a Glowing Future

Uranium's regained serious value after an extended price depression that resulted from plentiful supplies coupled with…