FOR IMMEDIATE RELEASE
DECEMBER 17, 2025
WORLD BANK’S IFC TO COLLABORATE WITH SOVEREIGN ON SUSTAINABLE DEVELOPMENT FOR KASIYA
LILONGWE, MALAWI – Sovereign Metals has signed a strategic collaboration agreement with the World Bank’s International Finance Corporation (IFC) to advance the sustainable development of its Kasiya Rutile-Graphite Project in Malawi.
Under the agreement IFC will use its expertise to help Kasiya align its environmental, social, and governance standards to global best practice, complementing Sovereign’s team and supplementing input from Sovereign’s strategic partner Rio Tinto on the development of an Environmental and Social Impact Assessment (ESIA).
The three-year collaboration also gives IFC, which is the largest global development institution focused on the private sector in developing countries, the right to act as lender or mandated co-lead debt arranger, and/or investor in securities for project financing, subject to Rio Tinto’s investment agreement rights.
Sovereign’s Chairman Ben Stoikovich said: “IFC brings unmatched advantages to Kasiya’s development: decades of experience in Malawi, including in the strategic infrastructure we intend to use; established government partnerships; and the institutional credibility that opens doors to international capital markets. This collaboration provides Sovereign with a clear pathway to financing while supporting Kasiya to meet the global standards that institutional investors require.”
Sovereign’s CEO Frank Eagar commented: “We are incredibly pleased to get IFC involved at this stage, as this will support our definitive feasibility study (DFS) and ESIA efforts to be aligned with IFC’s Environmental and Social Performance Standards, seeking to make the Kasiya project DFS not just feasible but also bankable. Having IFC’s support validates Kasiya’s exceptional quality and strategic importance and takes us one step closer to project execution. The World Bank Group’s support for key enabling infrastructure, including the Nacala transport corridor and the Mpatamanga Hydropower Project, are expected to benefit the Kasiya project.”
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About Sovereign Services
Sovereign Services is the Malawi operation of Sovereign Metals Limited, which is focused on developing its Kasiya Rutile-Graphite Project in Malawi to become a leading global supplier to the titanium and graphite industries.
Kasiya is the world’s largest natural rutile deposit – the purest, highest-grade naturally occurring titanium feedstock – and the world’s second-largest flake graphite deposit – a battery mineral essential for the energy transition.
www.sovereignmetals.com.au
About the International Finance Corporation (IFC)
The IFC has decades of experience in the metals and mining sector, financing some of the world’s largest and globally strategic mining projects across all stages, including construction, production, and expansion. As both a long-term equity partner and debt provider to major mining companies, including Sovereign’s strategic investor, Rio Tinto, IFC has supported large-scale mine developments and expansions across multiple continents.
In fiscal year 2025, IFC committed a record US$71.7 billion to private companies and financial institutions in developing countries, with a total portfolio of US$68.5 billion as of 30 June 2025, demonstrating its commitment to financing major projects worldwide.
www.ifc.org
About the World Bank in Malawi
The World Bank Group has a significant presence in Malawi through a Country Partnership Framework that supports the government’s Malawi 2063 Vision. Its activities include financing major enabling infrastructure like the Mpatamanga Hydropower Project, which is Malawi’s largest energy infrastructure project to date. IFC also previously played a role in mobilizing financing for the Nacala transport corridor, which extends through Malawi. The Kasiya Project is expected to directly benefit from these strategic infrastructure assets.
www.worldbank.org
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