By: Energy capital & power

Mineral exploration and development company Sovereign Metals has mobilized $40 million for the Kasiya Rutile Graphite Malawi. Funds raised will be used to support development costs such as permitting, studies and working capital. Investment management company Petra Capital will serve as Lead Manager and Sole Bookrunner.

Situated northwest of the capital city Lilongwe, the Kasiya Rutile Graphite project is the world’s largest known natural rutile deposit and second-largest known flake graphite deposit. A PFS Optimization Study is currently underway, which includes a pilot mining and land rehabilitation program.

The project targets 24 million tons of ore per year to produce an estimated 245,000 tons of natural rutile and 288,000 tons of natural graphite a year. The mine life is projected at 25 years, with existing infrastructure such as a rail corridor and deepwater port supporting operations.