NEWS RELEASE I 26 FEBRUARY 2024
SOVEREIGN COMMISSIONS
SUSTAINABLE FARMING INITIATIVE IN MALAWI
· Sovereign has initiated a
Conservation Farming Program in Malawi as part of its
sustainability initiatives related to the development of
Kasiya
· Local farmers will be trained
in sustainable farming techniques to increase maize crop yield;
protect soil from erosion and degradation; and to improve long term
food security
· According to the World Food
Program, up to 5.4 million people in Malawi are subject to food
insecurity, with many Malawians dependent on subsistence
agriculture
· Supporting local communities
in addressing their social priorities is a core principle of
Sovereign's ESG Strategy as the company advances the development of
Kasiya
· Sovereign's owner's team have
previously implemented this program at First Quantum Minerals'
Zambian operations where over 7,000 farmers were participating in
the program by 2022
Sovereign Metals Limited (ASX:SVM;
AIM:SVML) (the Company or Sovereign) is pleased to announce that
as part of its Environmental, Social, and Governance (ESG) Strategy in developing its Kasiya
Rutile-Graphite Project (Kasiya), it has commissioned a
Conservation Farming Program (Program) in Malawi.
Figure 1. Sovereign team
members conducting conservation farming training
Malawi's food security depends on
maize (corn); it is the major staple food crop in Malawi with 60%
of cropped land devoted to its production. Sovereign has
commissioned the initial Program for 90 Malawian maize farmers from
within the project area, of which at least 50% are female. The
Program is to provide training in low-input-cost, high-yield
sustainable farming techniques, with the aim to provide a platform
for the farmers to increase yield and productivity therefore
helping to reduce malnutrition and poverty.
Conservation farming as a system
aims to protect soil from erosion and degradation and increase crop
yields. It involves three main principles:
1) minimum soil
disturbance, such as no-till farming,
2) maintenance of a
permanent soil cover, such as cover crops or crop residues
and
3) diversification of
plant species, such as crop rotation.
According to the United States
Agency for International Development, 80% of Malawi's population
are smallholder farmers with livelihoods based on agriculture and
subsistence farming.
This initiative forms part of
Sovereign's ESG Strategy to develop its tier one Kasiya
Rutile-Graphite Project while simultaneously restoring and
improving the livelihoods of local communities. The Program is
being implemented by the Company's experienced team on the ground,
which previously ran a very successful initiative for First Quantum
Minerals Limited's Zambian operations where its conservation
farming program has been effectively operating since 2010. Between
2020 and 2022 harvest crops increased by 67% from 6,000 tonnes to
10,000 tonnes of maize, with over 7,000 farmers in the program at
the end of 2022.
Figure 2. Local communities
embracing the conservation farming program
ENQUIRIES
Frank Eagar (South
Africa/Malawi)
Managing Director
+61(8) 9322 6322
|
Sam Cordin (Perth)
+61(8) 9322 6322
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Sapan Ghai (London)
+44 207 478 3900
|
Nominated Adviser on AIM and
Joint Broker
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SP Angel Corporate Finance
LLP
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+44 20 3470 0470
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Ewan Leggat
Charlie Bouverat
Harry Davies-Ball
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Joint
Brokers
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Berenberg
|
+44 20 3207 7800
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Matthew Armitt
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Jennifer Lee
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Buchanan
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+ 44 20 7466 5000
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Forward Looking Statement
This release may include forward-looking statements, which may
be identified by words such as "expects", "anticipates",
"believes", "projects", "plans", and similar expressions. These
forward-looking statements are based on Sovereign's expectations
and beliefs concerning future events. Forward looking statements
are necessarily subject to risks, uncertainties and other factors,
many of which are outside the control of Sovereign, which could
cause actual results to differ materially from such statements.
There can be no assurance that forward-looking statements will
prove to be correct. Sovereign makes no undertaking to subsequently
update or revise the forward-looking statements made in this
release, to reflect the circumstances or events after the date of
that release.