(Alliance News) - Sovereign Metals Ltd on Monday said it was executing its strategy whilst developing the Kasiya rutile-graphite project in Malawi as it celebrated higher crop yields.
The mining exploration and development company with assets in Malawi said that its conservation farming programme has yielded visibly higher crop growth, with yields estimated at around 3.2 tonnes per hectare, trebling average conventional crop yields.
The company said it was executing the programme alongside its environmental, social & governance strategy.
"Increases in maize (corn) production will be quantified in the coming months during the harvest season. Farmers participating in the program expect to begin harvesting in May 2024, and are looking forward to a bumper harvest, despite the much drier than usual year caused by El Nino, causing widespread drought across southern Africa," Sovereign Metals explained.
Managing Director Frank Eagar said: "The incredible improvements in expected maize yields is beyond expectations and is another example of the positive impacts the Kasiya project will have on our local communities. The 90 farmers in the program comprise 50% women and 10% vulnerable people. We will maintain this equal opportunity policy as the programme is rolled out across Kasiya."
He added: "At a time when Malawi and other southern African countries are facing severe drought due to weather conditions, Sovereign takes its social responsibility very seriously and is already delivering tangible benefits for the local community."
Sovereign Metals shares fell 1.7% to 23.60 pence each on Monday afternoon in London.
By Tom Budszus, Alliance News slot editor
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Sovereign Metals (SVML)