2024-01-05 15:20:05
Capital Metals PLC – a specialist mineral sands company set to develop a mine at the high-grade Eastern Minerals project in Sri Lanka – announces that discussions with LB Group will now continue on a non-exclusive basis, following the board of directors decided not to renew the exclusivity beyond December 31. LB Group is a manufacturer of high performance titanium dioxide pigments and sponges. LB Group explains that this decision was taken due to additional interest in funding the project to bring it into production, following the full reinstatement of industrial mining licenses announced in December.
Executive Chairman Greg Martyr said: “As we continue to work with LB Group to advance the Memorandum of Understanding announced on May 9, 2023 toward a definitive agreement, the Company’s opportunity set has expanded, and we “We determined that it was in the best interest of all stakeholders to be free to pursue additional financing options and structures alongside negotiations with LB Group to deliver the project in a timely manner and maximize value.”
Current share price: 3.30 pence, down 20% in London on Friday
Variation over 12 months: +48%.
By Holly Beveridge, Alliance News reporter
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