Capital Metals PLC Operational Update (6684C)
22 Junio 2021 - 1:00AM
UK Regulatory
TIDMCMET
RNS Number : 6684C
Capital Metals PLC
22 June 2021
22 June 2021
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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Capital Metals plc
("CMET" or the "Company")
Operational Update
Capital Metals plc (AIM:CMET), a natural resources company
focused on the development of the Eastern Minerals Project in Sri
Lanka ("the Project"), one of the highest-grade mineral sands'
projects globally, wishes to provide the following operational
update.
Highlights
-- Environmental Impact Assessment ("EIA") process nearing
completion with the holding of the meeting of the Technical
Evaluation Committee ("TEC") now imminent following latest dialogue
with the relevant Government Departments
-- Covid-19 situation steadily improving in Sri Lanka which will
ease ability to progress operations in country
-- Management remains focused on final permitting steps and
grant of Mining Licence with first production targeted for H1
2022
-- Drill programme planned for Q3 2021 for infill and step out drilling
-- Discussions with offtake partners commence
Environmental Impact Assessment
As announced on 26 March 2021, the Project's EIA report has
received the initial approval of the Sri Lankan authorities and the
completion of the public consultation period.
We are in the final stages of the EIA process and the Company
has completed all the necessary workstreams. The relevant
Government Departments are supportive and have advised the Company
that they wish to convene a meeting required as part of the final
review of the EIA as soon as possible. The Company is in close
dialogue with the Government Departments and understand that the
TEC will convene in July to review the EIA.
Drill Program
The Company has engaged the Geological Survey and Mines Bureau
("GSMB") in Sri Lanka to undertake a drilling program on its
southern exploration licence EL199. The proposed drilling program
is a combination of infill and resource extensions and aims to
confirm previous drill work and test with extension and step out
drilling. This will assist the Company to delineate the key areas
for any mining licence applications over EL199.
It is anticipated that this drilling campaign will commence in
Q3 2021.
Offtake Discussions
Given the continued strength in mineral sands prices, the
Company has commenced off take discussions following a number of
approaches from strategic and industrial groups. The Covid-19
pandemic-fuelled surge in homebuilding and home improvements has
contributed to healthy demand for mineral sands products such that
mineral sands consumers are seeking additional security of
supply.
Michael Frayne, CEO, commented:
"The Company is encouraged that progress is now being made on
the EIA process, given strict lock down protocols in Sri Lanka.
Indications are that Covid-19 conditions in Sri Lanka are improving
and the Company expects to progress matters more rapidly in the
forthcoming Q3. The anticipated conclusion of the EIA process and
permitting, leading to the grant of a mining licence is a
considerable milestone for the Company and we look forward to
achieving this objective and adding value very quickly
thereafter.
We are pleased to have generated considerable interest from
strategic and industrial groups with regard to offtake discussions.
We see this as an endorsement for the Eastern Minerals Project
especially given the strong current and forecast prices in the
mineral sands markets."
For further information, please visit www.capitalmetals.com or
contact:
Capital Metals plc
Michael Frayne (CEO) +44 (0) 20 7317 6800
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
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