By Earlene Chimoyo
Malawi Trade and Investment Centre (MITC) has described the recently signed Memorandum of Understanding (MoU) between Sovereign Metals and Traxys North America as a milestone in marketing Malawi’s mining potential.
During the week, Sovereign Metals, the firm working on the Kasiya Rutile mining project, signed a deal with the American company, which will see local graphite find a strategic official market in the United States.
Through their Facebook page, the MITC said the Kasiya Project strengthens the country’s role in the global critical minerals market and also creates economic opportunities for Malawian businesses and investors.
Commenting on the deal through their webpage, Traxy’s CEO Mark Kristoff said their involvement reflects their commitment to enhancing the resilience of critical mineral supply chains and ensuring secure access for industrial partners and government programs alike.
Traxys is one of the trading firms selected by the U.S. Government to procure critical minerals for its newly launched $12 billion US Project Vault, which is a Reserve initiative for Strategic Critical Minerals.
The MITC is optimistic that the deal has instilled confidence in international investors in the mining sector to venture into the Malawi market.
The Kasiya rutile site in Lilongwe is touted as the world’s second biggest graphite deposit.
