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- 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.
