Sovereign Metals (ASX:SVM) signed a non-binding memorandum of understanding with Malawi's Electricity Supply to secure 60 megawatts of grid power for its Kasiya Rutile-Graphite Project in Malawi, Africa, according to a Wednesday filing with the Australian bourse.
The agreement outlines plans for future definitive contracts, including the construction of an overhead power line and bulk electricity supply from Malawi's national grid, the filing said.
The company said the project's definitive feasibility study is due in the fourth quarter of the fiscal year.
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