As it gears up to become a major player in natural rutile and graphite, Sovereign Metals Ltd has appointed Frank Eagar as its new managing director and chief executive officer effective from 20 October 2023.
The appointment, along with key technical engagements, comes as the company advances from the pre-feasibility study (PFS) phase into the next stage of project optimisation, community and stakeholder engagements, and ultimately, the completion of a definitive feasibility study (DFS) for its Kasiya Rutile-Graphite Project in Malawi.
Africa-focused expert
A seasoned mining expert, Eagar brings more than two decades of experience in the financing, permitting, development and operation of mining projects, particularly in southern Africa.
A chartered accountant, Eagar has accumulated extensive corporate, commercial and technical experience in the mining sector in roles including as the chief financial officer for African private equity firm AMED Fund's Central Copper Resources PLC and as the chief executive of Baobab Steel Ltd, another AMED-controlled entity.
Notably, he managed the completion of a DFS and a joint venture with the World Bank's IFC to procure strategic investors and raise project finance for Baobab's US$1 billion, fully-permitted, integrated 500,000 tonnes per annum steel and vanadium project in Mozambique.
Since joining Sovereign in December last year as general manager in Malawi, Eagar has expanded the team, fostered strong relationships with the government and displayed a deep understanding of Kasiya’s project development.
Exciting times ahead
“Securing Rio Tinto (ASX:RIO) as a strategic investor alongside the completion of the high-quality PFS, provides the foundation for what will be an extremely exciting time in the company’s development story,” Eagar said.
“I am very honoured and look forward to taking on my new role as MD and CEO.
“The Kasiya Project is multi-generational, has the potential to deliver a valuable, long-term source of low-CO2 critical minerals and generate substantial economic and socio-economic returns.”
Reassignment
Beginning October 20, present managing director Dr Julian Stephens will transition to a non-executive director role, where he will remain as a consultant, providing support and guidance to the incoming technical and management team.
Stephens has been instrumental in Sovereign's growth and development, notably identifying rutile mineralisation in Malawi and leading the team to discover the world-class Kasiya deposit.
“It has been a privilege to lead Sovereign through the discovery and early study phases and it is now a logical time for leadership transition as the company continues through the next phases of development,” Stephens said.
“I am extremely proud of the significant achievements our team has accomplished during my time.
“With the appointment of Frank as MD and CEO, plus the technical team enhancements, I am confident that the company is in very good hands and in a strong position to establish itself as a globally significant supplier of natural rutile and graphite.”
Crucial development
“Today’s management changes and appointments mark a pivotal step for the company as it lays the foundation for project optimisation and development,” Sovereign chairman Ben Stoikovich said.
“With Rio Tinto’s investment and the release of a world-class PFS, the company is entering an exciting new phase.
“I would like to thank outgoing MD, Julian Stephens, who has done a tremendous job in the discovery of Kasiya, a truly once-ingeneration deposit, and growing Sovereign to where it is today.
“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.”