Sovereign Metals Ltd has appointed highly experienced mining industry executive and former Rio Tinto executive Nigel Jones as a non-executive director.
Jones will also chair the company’s environmental, social and governance (ESG) committee.
Commercial potential of Kasiya
Sovereign managing director Dr Julian Stephens said: “We are delighted to welcome Nigel to the board of Sovereign Metals.
“To attract an individual of Nigel’s calibre is not only testament to the commercial potential of Kasiya, but also the very favourable ESG characteristics of the project, in which we strive to be best-in-class.
“Nigel’s input into our ESG strategy will significantly benefit our pursuit to ensure that sustainability, diversity and community are core in everything we do.”
Part of company’s growth
Jones added: “I am delighted to be joining the team at this very exciting stage for the company.
“Sovereign has very quickly already demonstrated the huge potential of its Kasiya rutile discovery in Malawi as it continues to explore and develop this asset that will be of strategic importance to the titanium feedstock industry.
“I very much look forward to being part of the company’s growth as it moves towards becoming a standard-bearer for the importance of sustainable mining practices for a better future.”
Highly experienced
From 2019 to 2021, Jones was the managing director of Rio Tinto Group’s very large Simandou iron ore project in Guinea, west Africa.
In this role, he was accountable for all aspects of the project’s development, including its complex environmental, social and governance (ESG) strategy.
Jones was also a member of the senior leadership team of the Energy and Minerals product group, which incorporated Rio Tinto’s titanium dioxide feedstock businesses in Canada and southern Africa.
Prior roles in Rio Tinto included head of business development, head of business evaluation and managing director of the group’s marine operations.
Remuneration
As non-executive director, Jones will receive a director fee of £40,000 per annum and as chair of the ESG committee, a fee of £10,000 per annum.
Further, he will also participate in shareholder approved long-term equity incentive plan and be issued with the following securities:
- 225,000 performance rights subject to the feasibility study milestone” expiring on or before December 31, 2023; and
- 300,000 performance rights subject to the decision to mine milestone” expiring on or before October 31, 2025.