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Sovereign Metals Ltd.
Summary
| Project: | Malingunde | |
|---|---|---|
| Deposit: | Malingunde | |
| Location: | Malawi | |
| Commodities: | Graphite | |
| Date: | 6/20/2017 | |
| Report Code: | JORC | |
| Report Type: | Scoping Study | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 20-6-2017: Sovereign Metals Ltd. announces a Scoping Study report for its Malingunde deposit at the Malingunde project. Scoping study results incl. CAPEX of US$29M and life of mine of 17yrs. Sovereign Metals Limited (“the Company” or “Sovereign”) is pleas | |
| Resources: | (Resource: I+I): 65.1Mt @ 7.1% TGC (4.0% TGC cut-off) at project | |
| CP/QP: | [Resources]: David Williams (CSA Global Pty Ltd.) | |
| ABSTRACT: | Sovereign Metals Limited (“the Company” or “Sovereign”) is pleased to announce the results of the Scoping Study for the Company’s Malingunde Saprolite-Hosted Graphite Project (“Malingunde Project” or “the Project”) in Malawi. Preliminary economics show the Project has capital and operating costs per unit at the very bottom of the graphite supply cost-curve, at production rates supported by existing market fundamentals. The Scoping Study referred to in this announcement has been undertaken to determine the potential viability of an open pit mine and graphite processing plant constructed onsite at the Malingunde Project and to reach a decision to proceed with more definitive studies. The Scoping Study has been prepared to an accuracy level of ±35%. The results should not be considered a profit forecast or production forecast. The results of the Scoping Study demonstrate the potential for the Malingunde Project to support a very low capital and operating cost operation with annual graphite concentrate production of approximately 44,000 tonnes over an initial mine life of 17 years. Sovereign’s Managing Director, Dr Julian Stephens, said “The Scoping Study clearly demonstrates the Project’s very strong commercial potential which is centred on very low operating and capital costs, and revenues derived from a premium product. Importantly, the Project is not reliant on an unrealistically large scale to reduce operating costs and/or overly optimistic graphite pricing forecasts. The very low operating cost nature of the Project provides protection even against extreme downside pricing scenarios.” | |
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