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Home Africa

Press Release: Sovereign Metals sign MoU with Nacala railway

FurtherAfrica by FurtherAfrica
October 5, 2017
in Africa, Commodities, Economy, FDI, Graphite, Infrastructure, Malawi, Mining, Mozambique, Natural Resources, Port, Rail, Trade, Transport
Reading Time: 2 mins read
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Exports from Mozambique to increase with inauguration of the Nacala coal terminal
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MoU signed for Malingunde Rail and Port services – A key project milestone

Sovereign Metals Limited (“the Company” or “Sovereign”) is pleased to report that it has signed a transport logistics MoU with Central East African Railways (“CEAR”), an infrastructure and logistics consortium which Vale SA and Mitsui & Co. Ltd operate and have significant ownership.

The MoU (“Agreement”) covers the provision of rail freight, port access & port handling services (“the Services”) by CEAR to Sovereign for graphite concentrates produced from the Malingunde Project, subject to the parties entering into a binding agreement.

Sovereign has now identified a secure and efficient pathway for the transport of its graphite concentrates in partnership with two world class organisations. This is a significant milestone in advancing the development of the exceptionally low-cost, high-quality natural flake graphite project at Malingunde.

HIGHLIGHTS:

  • Provision of  the Services for up to a 20-year term and 100,000tpa  of concentrates, which provides upside to the Company’s initial 44,000tpa target.
  • CEAR to supply  and maintain all infrastructure, equipment  and personnel  required  to provide the Services.
  • CEAR is  a consortium  managed  by Vale and Mitsui, global leaders in mining and trading natural resources, and associated provision of infrastructure services.
  • The Malingunde Scoping Study logistics cost estimate of ˜US$65/t free on board (FOB) is based on indicative pricing for the Services.


Dr Julian Stephens, Sovereign
‘s Managing Director commented, “The signing of the Agreement with such reputable multinational partners is a very important step for Sovereign, and we are delighted to have such experienced operators assisting us in advancing the Malingunde Project. The provision of port and rail services provides a clear pathway for the reliable and efficient transport of the high quality Malingunde concentrates for sale into global graphite markets.”

Source: Sovereign Metals Limited

Related

Tags: flake graphiteGraphiteMalawiMalingundeMalingunde ProjectMitsuiMozambiqueNacalaport accessport handling servicesrail freightSovereign Metals LimitedValeマラウィモザンビーク莫桑比克马拉维
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