Thursday, September 28th 2023

Capital Metals PLC

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February will unlock Capital Metals’ ambitions 


“…Drill samples are being analysed, most of the work has been done. We are vey keen to get into production this year and we are on track…”


Capital Metals is on course to address the looming shortfall in the supply of mineral sands which include the zircon, rutile, ilmenite and garnet that help form the backbone of the world’s infrastructure.

It’s focused on the development of the Eastern Minerals Project in Sri Lanka regarded as one of the highest-grade mineral sands’ projects globally,

The primary objective last year was the passing of the Environmental Impact Assessment.  That milestone was achieved at a time the pricing of mineral sands’ constituents continued to strengthen.

The next milestones could come as soon as this month with updated project economics and results due from the drill samples extracted from the southern exploration license EL199.

Those results combined with the mineral sands prices will be factored into economic projections, the living document that is the development plan and will provide the bedrock evidence required for the granting of an Industrial Mining License.

Ahead of all this chief executive Michael Frayne continues to talk to offtake partners. “They’re all progressing well,” he says “and there’s very good interest in the market.”  These conversations are critical as ultimately they will determine how the project will be funded and how much pre-committed debt third parties are willing to offer.

Listen to Michael talk to Sarah Lowther about timelines, local partnerships, ongoing off-take partnerships and what Mrs Frayne wants to know.

Access Capital Metals’ corporate 2022 presentation

Read TMS Reach’s in-depth feature on Capital Metals

Follow the company on Twitter – @MetalsCapital


The author was remunerated but does not hold shares in the company