Sovereign pens 20,000tpa rutile offtake MOU with Chemours
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Sovereign Metals has signed a non-binding Memorandum of Understanding (MOU) with The Chemours Company for the potential supply of 20,000 tonnes of natural rutile per annum from the company’s Kasiya Rutile Project.
Chemours is one of the world’s largest producers of high-quality titanium dioxide pigments and Sovereign Metals (ASX:SVM) MD Dr Julian Stephens said the MOU is a “true testament to the quality and strategic nature of our world-class Kasiya Project in Malawi”.
“We are excited to be working with Chemours as a future off-take partner for our premium, low carbon-footprint rutile products.”
It’s not the first time the company has inked a deal, earlier this year announcing an MOU with Japanese industrial giant Mitsui for 30,000t from Kasiya per year.
Chemours is a leading provider of performance chemicals and its Titanium Technologies segment is one of the world’s largest producers of high-quality titanium dioxide (TiO2) pigment and the company provides innovative TiO2 solutions for coatings, plastics, and laminates.
It operates four TiO2 pigment production facilities: two in the United States, one in Mexico, and one in Taiwan totalling TiO2 pigment nameplate capacity of 1.25 million tonnes per year.
In the year ended 31 December 2021, Chemours’ Titanium Technologies segment reported net sales of US$3.4bn.
And demand is flagged, with titanium an essential component in the aerospace, military, medical and construction sectors with strong growth coming from the high-performance, clean-tech, and technology industries.
This article was developed in collaboration with Sovereign Metals, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.