Capital Metals PLC Approval -- Environmental Impact Assessment (2462T)
23 Noviembre 2021 - 01:00AM
UK Regulatory
TIDMCMET
RNS Number : 2462T
Capital Metals PLC
23 November 2021
23 November 2021
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Capital Metals plc
("CMET" or the "Company")
Approval - Environmental Impact Assessment
Capital Metals plc (AIM:CMET), a natural resources company
focused on the development of the Eastern Minerals Project located
in the Eastern Province in Sri Lanka ("the Project"), one of the
highest-grade mineral sands projects globally, is pleased to
announce the approval of its Environmental Impact Assessment
("EIA").
The Coast Conservation and Coastal Resources Management
Department in Sri Lanka ("CCD") has advised the EIA process is
complete and issued a development activity permit to one of CMET's
subsidiary companies in Sri Lanka, Damsila Export (Pvt) Limited
which covers the northern half of the Project ("the Permit"). The
completion of the EIA is required by the Geographical Survey and
Mines Bureau of Sri Lanka ("GSMB") in order to issue the Industrial
Mining License ("First IML") for the Project. The Permit is the
standard form development permit issued by the CCD and will be
reviewed annually by the CCD to ensure ongoing compliance with the
Project's environmental obligations.
Capital Metals is committed to applying best practice in its
mining operations, including continuous post mining rehabilitation.
The proposed method of cell mining aims to ensure a minimal active
footprint and prompt rehabilitation of the mined areas. Planned
operations will have appropriate buffer and exclusion zones
identified as a result of the EIA study, which went through a
stringent public and governmental review process.
The Company is already working with the local communities to
improve the quality of their lives through various programs and
believes it is crucial to ensure employees and the people of the
Eastern Province participate in the long-term success of the
Project.
In addition to ongoing work streams, the Company can now
actively advance third-party offtake discussions, engineering
design and project finance plans. As a result of the grant of the
EIA, the Company has revised its expected timelines as follows:
-- First IML Application(1) - discussions with the GSMB will now
be focussed on obtaining the Company's First IML targeted for Q1
2022
-- Drilling on license area EL 199 - as announced on 5 October
2021, work was completed on the infill and step out drilling
programme and the drill samples are currently being analysed with
initial results expected in January 2022
-- Development Plan - update on the Project's development and
economics will be completed by IHC Mining, a leading heavy minerals
consultancy firm, with the results expected in 8-10 weeks' time
-- Commence construction for Stage 1 Heavy Minerals Concentrate - H1 2022
-- Start commercial production for Stage 1 Heavy Minerals Concentrate - H2 2022
Progress on the above workstreams and the achievement of these
further milestones will be announced.
Michael Frayne, CEO, commented:
"We are delighted to have received the approval for the EIA and
are very grateful for all of the work undertaken by our Sri Lankan
team and consultants. The granting of the EIA is a considerable
milestone for the Company and demonstrates the Sri Lankan
authorities' support for the Project and should enable us to meet
our target of commencing commercial production in less than 12
months' time.
We would like to thank the Sri Lankan government authorities who
supported us in getting the EIA approval despite stringent lock
downs and restrictions on the movement of people as a result of
COVID-19 over the last 18 months.
The timing of this milestone could not be better given the
recent strengthening of mineral sands pricing and a positive
medium-term outlook due to economic stimulus activity as well as
decreasing supply from some large existing mines."
For further information, please visit www.capitalmetals.com or
contact:
Capital Metals plc James.mahony@capitalmetals.com
Michael Frayne (CEO)
James Mahoney (CFO)
SPARK Advisory Partners (Nominated
Adviser)
Neil Baldwin / James Keeshan +44 (0) 20 3368 3554
WH Ireland Limited (Joint Broker)
Harry Ansell / Katy Mitchell +44 (0) 20 7220 1666
Brandon Hill Capital Limited
(Broker)
Jonathan Evans/Oliver Stansfield +44 (0) 20 3463 5000
Glossary
(1) First IML Application means the first IML application
submitted by Damsila Exports (Private) Limited (Company subsidiary)
to the GSMB on 28 April 2014
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