Capital Metals PLC Offtake MoU Extended (3509K)
24 Agosto 2023 - 3:33AM
UK Regulatory
TIDMCMET
RNS Number : 3509K
Capital Metals PLC
24 August 2023
THIS 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)
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24 August 2023
Capital Metals plc
("Capital Metals" or the "Company")
Offtake MoU Extended
Agreement with world's No. 1 manufacturer of high-performance
titanium dioxide pigments to fund the Eastern Minerals Project into
production
Capital 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
Company has agreed an extension until 31 December 2023 of its
Memorandum of Understanding ("MoU") with LB Group (002601:SHENZHEN;
Market Cap: US$5.7 billion), the world's leading manufacturer of
high-performance titanium dioxide pigments and sponge, to fund the
Project into production.
The key terms of the MoU remain as announced on 9 May 2023.
Greg Martyr, Executive Chairman, commented:
"We continue to have a constructive relationship with our
prospective future partner in the Project which is reflected in
their renewed commitment and our mutual desire to extend the MoU
while we work to have the suspension of our mining licences lifted.
Sri Lanka will benefit enormously from the involvement of the
world's leading titanium dioxide pigment manufacturer in the
Project through value addition in-country, knowledge transfer and
significant export income generation. We look forward to getting
the Project back on track and to concluding this offtake agreement
with LB Group."
For further information, please visit www.capitalmetals.com or
contact:
Capital Metals plc Via Vigo Consulting
Greg Martyr (Executive Chairman)
Vigo Consulting (Investor Relations) +44 (0)20 7390 0234
Ben Simons / Peter Jacob capitalmetals@vigoconsulting.com
SPARK Advisory Partners (Nominated
Adviser)
Neil Baldwin / James Keeshan +44 (0)20 3368 3554
Tavira Financial
Jonathan Evans / Oliver Stansfield +44 (0)20 7100 5100
About Capital Metals
Capital Metals plc is a British company listed on the AIM
segment of the London Stock Exchange and one of only a few foreign
investors in Sri Lanka's mining industry. After investing US$11
million in exploration and development activities including
detailed environmental assessments between 2017 and 2022, the
Company's Sri Lankan subsidiary, Damsila Exports (Pvt) Limited, was
issued an initial two licences in August 2022 to mine heavy mineral
sands in the Eastern Province, containing industrial minerals
including ilmenite, rutile, zircon, and garnet.
About LB Group
LB Group is the world's No. 1 manufacturer of high-performance
titanium dioxide (TiO2) pigments. The group has an annual
production capacity of 1.5 million tonnes of titanium dioxide
pigment and 50,000 tonnes of titanium sponge. In addition, LB Group
has a number of its existing mining operations supplying ilmenite,
rutile and zircon minerals and is the largest consumer of ilmenite
globally.
LB Group has over 30 years of TiO2 pigment manufacturing
experience and supplies a wide range of TiO2 pigments for all major
applications using the sulfate process and the chloride process. LB
Group's high performance TiO2 products are key ingredients used to
produce a wide range of products worldwide including paints,
plastics, inks, and paper, including its BILLIONS(TM) TiO2 pigment
brands which are established worldwide.
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August 24, 2023 04:33 ET (08:33 GMT)
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