Sovereign Metals Ltd - Malawi-focused mining exploration and development company - Appoints Frank Eagar as managing director and chief executive officer, effective from October 20. Eager is a chartered accountant, with corporate, commercial and technical experience in the mining sector. He was previously chief financial officer at Central Copper Resources PLC, and CEO of Baobab Steel Ltd.
Effective from October 20, current Managing Director Julian Stephens, will transition into a non-executive director of Sovereign, remaining as a consultant assisting and supporting the incoming technical and management team.
Chair Ben Stoikovich says: "Today's management changes and appointments mark a pivotal step for the company as it lays the foundation for project optimisation and development. With Rio Tinto's investment and the release of a world-class prefeasibility study, the company is entering an exciting new phase...The company is looking forward, in collaboration with Rio Tinto, to conducting the optimisation review, progressing to the definitive feasibility study and delivering the significant potential of Kasiya to all stakeholders." Kasiya is the company's flagship rutile-graphite project in Malawi.
Current stock price: 21.45 pence, down 0.2% in London on Monday
12-month change: down 2.5%
By Holly Beveridge, Alliance News reporter
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Sovereign Metals (SVML)