Sovereign Metals Limited signs rutile MoU with Chemours

Sovereign Metals Limited (ASX: SVM) has announced that it has signed a non-binding Memorandum of Understanding with The Chemours Company for the potential delivery of 20,000 tonnes of natural rutile per annum from its Kasiya Rutile Project. The MOU would expire in 2 years from the implementation date, but it can also be increased if both parties agree.

Under the MoU, the company will deliver 20,000 tonnes per annum of natural rutile at Stage 1 nameplate capacity and with a possibility to take the additional product when the Kasiya project reaches Stage 2 nameplate capacity. Additional volumes may be varied up or down by mutual agreement, and pricing will reference market prices of the day. As the agreement is not binding, it can be negotiated in the future.

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