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LONDON - Capital Metals PLC (AIM: CMET), a UK-based mineral sands company, has announced the appointment of Hannam & Partners as its sole broker and financial advisor, effective immediately. The investment bank, known for its expertise in the natural resources sector, will play a pivotal role in securing the financing package for Capital Metals’ high-grade Taprobane Minerals Project in Sri Lanka.
The Taprobane Minerals Project, which is approaching the mine development stage, is recognized as one of the highest-grade mineral sands projects worldwide. Capital Metals aims to reach a Final Investment Decision by the end of the second quarter of this year. Hannam & Partners will assist with arranging a combination of offtake, vendor, and local partner financing, alongside potential debt financing as needed. The bank will also provide equity research and broking services.
Greg Martyr, Executive Chairman of Capital Metals, expressed confidence in Hannam & Partners, citing their extensive experience and deep industry connections, particularly in the heavy mineral sands sector. The bank’s enthusiasm for the Taprobane Minerals Project was highlighted, having visited the site last month.
The Project, located approximately 220km east of Colombo, boasts a range of industrial minerals including ilmenite, rutile, zircon, and garnet. A third-party Preliminary Economic Assessment in 2022 estimated the Project’s net present value (NPV) to be between US$155 million and US$235 million based on existing resources, with opportunities for further optimization.
Capital Metals is focused on modern mining practices and aims to generate significant benefits for Sri Lanka and the local community. The development of the project is expected to create over 300 direct new jobs and contribute over US$130 million in government royalties and taxes.
This strategic partnership with Hannam & Partners is based on a press release statement and aligns with Capital Metals’ development and financing objectives for the Taprobane Minerals Project.
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