Rio takes a stake in Sovereign Metals

PERTH – Major Rio Tinto will make a A$40.4-million investment into ASX-listed Sovereign Metals in exchange for a 15% initial shareholding in the critical minerals developer.

Sovereign told shareholders on Monday that proceeds from the investment would be used to advance the company’s Kasiya rutile/graphite project, in Malawi, including progressing a definitive feasibility study. Rio will also be entitled to appoint a director to the Sovereign board, and will have the right of first refusal over any capital raisings that are not pro-rata entitlement offers, as long as it holds a minimum 10% interest in Sovereign.

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