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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.