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Sovereign Metals Limited ( (AU:SVM) ) just unveiled an announcement.
Sovereign Metals Limited has signed a Memorandum of Understanding (MOU) with the Electricity Supply Corporation of Malawi (ESCOM) to secure a long-term electricity supply for its Kasiya Rutile-Graphite project. This agreement is crucial for the project’s development and aligns with the World Bank’s recent approval of a $350 million grant for the Mpatamanga Hydropower Storage Project, which will significantly boost Malawi’s electricity capacity by 2030. The MOU outlines plans for a 132kV power line to connect the Kasiya site to the national grid, ensuring a steady supply of renewable energy. This development positions Sovereign to potentially become the world’s largest producer of natural rutile and graphite, enhancing its industry standing and supporting Malawi’s economic growth.
More about Sovereign Metals Limited
Sovereign Metals Limited is a company in the mining industry, focusing on the production of natural rutile and natural flake graphite. The company is working on the Kasiya Rutile-Graphite project in Malawi, aiming to become a leading producer in these materials.
Learn more about SVM stock on TipRanks’ Stock Analysis page.