Sovereign Metals welcomes Rio Tinto as strategic investor
Melbourne, Victoria
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July 18, 2023 03:00 PM Eastern Daylight Time
Sovereign Metals Limited (ASX:SVM, OTC:SVMLF, AIM:SVML) managing director Julian Stephens tells Proactive that Rio Tinto is making an investment of A$40.4 million in Sovereign resulting in an initial 15% shareholding. The investment proceeds will be used to advance the Kasiya Rutile-Graphite Project in Malawi. He says the landmark deal with Rio is confirmation of Kasiya’s place as one of the most significant critical mineral discoveries in recent times.
“The experience and expertise that Rio Tinto brings will truly set Kasiya apart as a potentially globally significant supply of two critical minerals and take us all a step closer to supply chain decarbonisation and achieving net-zero.
“Furthermore, this is yet another step towards unlocking significant benefits from development of the Kasiya project for Malawi.
“We welcome Rio Tinto as a major shareholder of Sovereign and look forward to working with Rio Tinto as our strategic partner in the development of Kasiya.”
Contact Details
Proactive Investors
Jonathan Jackson
+61 413 713 744
