Sovereign Metals signs rutile offtake MoU with Mitsui for Kasiya project [Yahoo! Finance]
MITSUI & CO LTD ADR (MITSY)
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Source: Yahoo! Finance
Sovereign Metals Ltd (ASX:SVM, OTCQX:SVMLF, AIM:SVML, FRA:SVM) has signed a memorandum of understanding (MoU) with Japanese trading and investment group Mitsui & Co. Ltd to supply natural rutile from its flagship Kasiya Rutile-Graphite Project in Malawi, marking another step towards commercialisation of the world-class deposit. Under the non-binding agreement, the parties will work towards a formal offtake arrangement covering up to 70,000 tonnes per year of natural rutile concentrate from Kasiya, with an initial four-year supply period from first production and the potential for a further five-year extension. The proposed supply would primarily serve Japan's titanium industry, which relies on high-grade rutile feedstock to produce titanium metal used in aerospace, defence, medical devices and advanced manufacturing. Strategic partner for a large rutile resource Sovereign managing director and CEO Frank Eagar said Mitsui's interest highlighted the strategic importance of the
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