19th Feb 2025 11:37
(Alliance News) - Sovereign Metals Ltd on Wednesday said testing has confirmed that graphite from its Kasiya rutile-graphite project in Malawi meets the requirements for use in refractory applications.
The Malawi-focused mine explorer and developer said testing conducted by German laboratories ProGraphite GmbH and Dorfner Anzaplan GmbH found that Kasiya's graphite concentrate meets or exceeds key chemical and physical properties required to sell into the refractory market. Refractory materials are heat resistant and so are used in furnaces and reactors.
The company noted that nearly 70% of Kasiya's graphite meets the size criteria for this market, which is the second-largest consumer of natural graphite after the battery sector.
Sovereign Metals said refractory applications require coarse-flake graphite, which "attracts significantly higher prices than smaller flake products" used in battery production.
The company highlighted that in the fourth quarter of 2024, graphite suitable for refractory use sold for up to USD1,193 per tonne, compared to USD564 per tonne for battery-grade graphite.
Chief Executive Officer Frank Eagar said: "Combining these results with the excellent results for anode materials testing highlights the premium quality of Kasiya graphite concentrate and provides a very strong foundation for sales and marketing discussions."
The company said the confirmation of Kasiya's suitability for refractory use will support engagement with potential customers and offtake partners in the global refractory market, which is valued at approximately EUR20 billion.
Sovereign Metals shares were up 1.3% at 40.50 pence in London on Wednesday morning.
By Eva Castanedo, Alliance News reporter
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