Sovereign Metals secures Traxys as graphite trading partner
ASX- and Aim-listed Sovereign Metals has signed a memorandum of understanding (MoU) with global physical commodity trader and merchant Traxys North America for the marketing and sale of graphite products produced from the Kasiya rutile and graphite project, in Malawi.
Sovereign Metals MD Frank Eagar says he is pleased with the appointment of Traxys as a potential graphite marketing partner.
“Traxys is not only one of the world’s foremost physical commodity traders, with a yearly turnover exceeding $10-billion, but has just been selected as one of the only three trading houses to produce critical minerals for the US government’s landmark $12-billion strategic critical minerals reserve called Project Vault,” Eagar points out.
Graphite is designated as a critical mineral in the US and is squarely in the crosshairs of US policy to reduce dependence on Chinese-dominated supply chains.
Traxys' direct involvement in Project Vault, combined with its extensive network of industrial customers globally, positions Kasiya's potential graphite production to serve both strategic government procurement programmes and established commercial markets.
For Eagar, the MoU demonstrates growing confidence from major global commodity players in Kasiya's ability to potentially deliver critical minerals at scale from a globally strategic Tier 1 project.
Under the terms the MoU, the parties have agreed to negotiate in good faith towards a binding marketing agreement under which Traxys would sell Sovereign Metals’ graphite production on its behalf.
The MoU contemplates a supply agreement to cover 40 000 t/y in years one to five of the mine’s operation, before increasing to 80 000 t/y as the project expands.
The MoU also envisions that the supply from Kasiya will comprise graphite concentrate, with an initial focus on refractory graphite, with potential to also serve battery anode customers.
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