Business
Lobbying, Legal & Project Development Updates
Lobbying, Legal & Project Development Updates.
About this update from Capital Metals Plc
[{"type":"text","content":"\n\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014 WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL) ACT 2018, AS AMENDED. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.\n \n31 July 2023\n \nCapital Metals plc\n \n(\"Capital Metals\" or the \"Company\")\n \nLobbying, Legal & Project Development Updates\n \nCapital Metals (AIM: CMET), a mineral sands company approaching mine development stage at the high-grade Eastern Minerals Project in Sri Lanka (the \"Project\"), provides the following updates on the Company's response to the temporary suspension of Industrial Mining Licences 16236 and 16237 (the \"IMLs\") and on Project development activities.\n \nUpdate re Temporary Suspension of IMLs\n \nLobbying actions\nIn response to the illegal temporary suspension by the Geological Survey and Mines Bureau (\"GSMB\") of the IMLs announced on 12 December 2022, and subsequent notice of cancellation (under appeal) announced on 30 May 2023, the Company has been engaged in extensive lobbying actions, with Greg Martyr, Executive Chairman of the Company having been recently in Colombo, including at the highest level of the Sri Lankan Government, with a view to resolving its issues amicably with the GSMB.\n \nThe Board notes that its complaints and lobbying efforts in Sri Lanka appear to be having a positive impact, with the conduct of the chairman of the GSMB and Minister of Environment coming under intense scrutiny from the Committee on Public Enterprises (\"COPE\") in Sri Lanka which has appointed an independent sub-committee to investigate misappropriation, as has been widely reported in Sri Lankan media. Following several recent meetings in Colombo, the Board is encouraged by the ongoing exposure of issues within the GSMB and believes it may at some point lead to the implementation of reforms in the mineral licensing process for foreign investors.\n \nLegal actions - international\nAs previously announced, in order to protect shareholders' interests in the event that an amicable resolution cannot be reached, the Board has in parallel been taking all necessary legal steps both locally and internationally to p...