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Tag: Sovereign metals limited

Mining company to give Malawi K50 billion from K1 trillion.

Mining company to give Malawi K50 billion from K1 trillion.

National
An Australian mining company will give Malawi less than K50 billion from K1 trillion that it will make from rutile and graphite mining in Lilongwe. Sovereign Metals’ rutile and graphite project in Malawi is at Kasiya and is expected to produce 122,000 tonnes per year of rutile and 80,000 tonne per year of graphite over 25 years. The company is expected to make about K1 trillion but only K45 billion in royalties will go to the Malawi Government. Sovereign’s managing director Dr Julian Stephens was quoted by news site Proactive Investors as saying that the mine in Malawi is probably one of the biggest in the world. “We believe we’ve found a new rutile province,” he said in March, 2021. “Rutile mineralization has been defined by drilling over an area of 66 square kilometres an...