Capital Metals PLC Update on Environmental Impact Assessment Process
RNS Number : 6165T
Capital Metals PLC
26 March 2021
26 March 2021
Capital Metals plc
("CMET" or the "Company")
Update on the Company's Environmental Impact Assessment
Capital Metals plc (AIM: CMET) is 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. The Company is pleased to provide the following
update on the ongoing Environmental Impact Assessment process.
-- Environmental Impact Assessment ("EIA") progressing with the
public consultation period now concluded
-- Management focus on final permitting steps and grant of
Mining Licence with first production targeted for H1 2022
As reported previously, the Project's EIA report has received
the initial approval of the Sri Lankan authorities, which is
subject to a public consultation process. The public consultation
period ended on 12 March 2021 with any submissions currently being
compiled and reviewed by the Coastal Conservation Department
("CCD") who will then provide feedback to the Company.
The Company is fully engaged with the CCD and other relevant
Government departments to finalise the EIA. The next step in the
EIA process is a Technical Evaluation Committee ("TEC") meeting
scheduled to be held in April before final approval by the CCD..
The TEC has representatives from numerous government departments
from across Sri Lanka, many of whom are already familiar with the
Project, and the logistics for the meeting is still subject to the
Covid restrictions in Sri Lanka.
When the EIA approval process is completed, the Company can then
formally engage with the Geographical Survey and Mines Bureau of
Sri Lanka under the Mines and Minerals Act of Sri Lanka ("GSMB")
for issue of the mining licence.
Michael Frayne, CEO, commented:
"The Company is actively working with the CCD and other relevant
Government departments to finalise the EIA as the next step towards
production next year and we continue to make steady progress
through the approval process. There is growing awareness in Sri
Lanka of the positive economic and social benefits our mineral
commodities export project can bring to the local communities and
Sri Lanka as a whole. Whilst we work towards development and first
production, we are encouraged by the strengthening in the global
metals market and specifically the ilmenite, rutile and zircon
markets which are the main minerals in our high-grade deposit"
For further information, please visit www.capitalmetals.com or
Capital Metals plc Tel +44 (0) 20 7317 6800
Michael Frayne (CEO)
SPARK Advisory Partners (Nominated
Neil Baldwin / James Keeshan +44 (0) 20 3368 3554
Brandon Hill Capital Limited
Jonathan Evans/Oliver Stansfield +44 (0) 20 3463 5000
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(END) Dow Jones Newswires
March 26, 2021 03:00 ET (07:00 GMT)