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LONDON - Capital Metals PLC (AIM:CMET) has appointed Strand Hanson Limited as its nominated adviser with immediate effect, the mineral sands company announced Tuesday.
The company, which is approaching the mine development stage at its Taprobane Minerals Project in Sri Lanka, made the change as it progresses toward a Final Investment Decision.
"We’re looking forward to working with Strand Hanson as Nomad alongside Hannam & Partners, our recently appointed Broker and Financial Adviser," said Greg Martyr, Executive Chairman of Capital Metals, in a statement. "Both advisers have recently visited the Project in Sri Lanka and have been impressed with our growing in-country team."
The Taprobane Minerals Project, located approximately 220km east of Colombo, contains industrial minerals including ilmenite, rutile, zircon, and garnet. According to the company, a third-party Preliminary Economic Assessment conducted in 2022 provided a project net present value of US$155-235 million based on existing resources.
Capital Metals claims the project is among the highest-grade mineral sands projects globally and states it has potential for further grade and resource expansion.
The company reports it expects to create over 300 direct new jobs through the project and generate over US$150 million in direct government royalties and taxes.
This article is based on a press release statement from Capital Metals PLC.
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