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LONDON - Capital Metals PLC (AIM:CMET) has appointed former Sri Lankan cricket captain Aravinda De Silva and financial services executive Savanth Sebastian as non-executive directors, effective immediately, the mineral sands company announced Monday.
De Silva, an ICC Cricket Hall of Fame inductee who played a crucial role in Sri Lanka’s 1996 World Cup victory, has established himself in business through his family office investments. He currently serves as Chairman of Ideal Holdings, where he oversees operations across logistics, transport, and automotive sectors.
Sebastian joins as the representative of Ambeon, Capital Metals’ largest shareholder. He serves as a Director at Ambeon and holds board positions at Colombo City Holdings PLC and Millennium IT. His previous experience includes roles as an Independent (LON:IOG) Non-Executive Director at Nations Trust Bank PLC and as Senior Economist at Commonwealth Bank of Australia (OTC:CMWAY) Global Markets.
"We are working hard with Aravinda and Savanth and the Ambeon team on many fronts to develop a project that will create sustainable value for Sri Lanka in the form of jobs, skills, revenue, education, and training," said Greg Martyr, Executive Chairman of Capital Metals, in the press release statement.
Capital Metals is developing the Taprobane Minerals Project in Sri Lanka, approximately 220km east of Colombo. The company describes it as one of the highest-grade mineral sands projects globally, containing industrial minerals including ilmenite, rutile, zircon, and garnet.
A 2022 Preliminary Economic Assessment provided a project NPV of $155-235 million based on existing resources, according to the company. Capital Metals expects the project to create over 300 direct new jobs and generate over $150 million in direct government royalties and taxes.
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