Eastern Mineral Sands Project ready to commence development
View(s):Capital Metals Plc, a UK mineral resources company listed on the London Stock Exchange, is ready to commence development of its high grade mineral sands project in Sri Lanka’s Eastern Province.
The extensive studies completed by the local Sri Lankan subsidiary, Damsila Exports (Pvt) Ltd, indicated the availability of commercial quantities of high grade mineral sands in this region. Local investment company, Keynes Investments (Pvt) Ltd, was recently brought in to hold 60 per cent of Damsila. Keynes is principally held by Dinal Peiris, who is also the Chairman of Lanka Aluminium Industries PLC Group and several other well-known companies in Sri Lanka, Keynes said in a media release.
The project commenced in 2015 with Capital Metals, a specialised mineral resource exploration and development company with significant international experience, acquiring ownership of Damsila which held the initial exploration licenses. With investment from Capital Metals, Damsila completed numerous studies and obtained approval from the Department of Coast Conservation and Coastal Resources Management for its environmental impact studies following extensive local community and governmental consultation. With total expenditure to date of over US$11 million, Damsila is now awaiting final approval to commence development.
“We are delighted to partner with Capital Metals in this environmentally responsible mining project. This is a first of its kind in Sri Lanka with modern mining practices to protect the environment and bring much needed employment and training to the local community,” said Mr. Peiris.
“With a development plan to ensure a win-win outcome from this project by adhering to rigorous standards for mining and rehabilitation principles, we will leave the area in a better state than we found it. Key advantages of the planned operations are that no blasting or chemicals are required and there will be continuous cleaning and restoration of the mined areas to remove the black mineral sands leaving the golden sands in place,” noted Michael Frayne – CEO and Director, Capital Metals.
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