July 17 (Reuters) - Australia's Sovereign Metals said on Monday global miner Rio Tinto would invest A$40.4 million ($27.61 million) in exchange for an initial 15% stake in the company.
Sovereign will use the funds from the investment to advance its Kasiya Rutile-Graphite Project in Malawi. ($1 = 1.4635 Australian dollars) (Reporting by Himanshi Akhand in Bengaluru; Editing by Sandra Maler)