Business
Reinstatement of Industrial Mining Licences
Reinstatement of Industrial Mining Licences.
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 \n1 December 2023\n \nCapital Metals plc\n \n(\"Capital Metals\" or the \"Company\")\n \nReinstatement of Industrial Mining Licences\nCapital Metals (AIM: CMET), a mineral sands company approaching mine development stage at the high-grade Eastern Minerals Project in Sri Lanka (the \"Project\"), is pleased to announce that the Geological Survey and Mines Bureau (\"GSMB\") has today formally reinstated Industrial Mining Licences 16236 and 16237 (the \"IMLs\") to the Company's Sri Lankan subsidiary, Damsila Exports (Pvt) Limited.\nThe IMLs had previously been subject to a suspension and notice of cancellation until a statutory appeal ruling, announced on 19 October 2023, ordered them to be reissued. \nKey points:\n· The IMLs were granted for an initial 10-year period from August 2022\n· The IMLs were granted pursuant to the approval of an Environmental Impact Assessment (\"EIA\") in November 2021\n· The IMLs cover an initial 16 hectares of land for the commencement of mining activities, including some of the Project's highest-grade resources with grades up to 25% Total Heavy Minerals\n· The Coast Conservation and Coastal Resources Management Department (\"CCD\") in Sri Lanka has today also issued an extension to its permit to mine pursuant to the EIA approval in November 2021, evidencing further in-country support for the Project\n· The reinstatement of the IMLs is a key milestone in moving from the previously announced Memorandum of Understanding to the finalisation of negotiations with LB Group (002601:SHENZHEN; Market Cap: US$6 billion), the world's No. 1 manufacturer of high-performance titanium dioxide pigments, to unlock the funding for the total capital expenditure for the Project\nGreg Martyr, Executive Chairman, commented:\n\"The reinstatement of the IMLs marks the culmination of over a year's unrelenting efforts to overcome interference by a minority of ba...