Capital Metals PLC on Monday said it has been engaged in extensive lobbying actions regarding its temporarily suspended industrial mining licences 16236 and 16237 in Sri Lanka, as well as project development activities.
The London-based, Sri Lanka-focused mineral sands mining company said that its efforts so far had a positive impact ‘with the conduct of the chair of the Geological Survey & Mines Bureau and Minister of Environment coming under intense scrutiny from the Committee on Public Enterprises in Sri Lanka which has appointed an independent sub-committee to investigate misappropriation.’
Looking ahead, Capital Metals said that in the future there could be an ‘implementation of reforms in the mineral licensing process for foreign investors.’
Meanwhile, the firm said it has taken ‘all necessary legal steps’ to protect its legal rights locally and internationally.
In April, Capital Metals reported that the licenses were suspended due to perceived issues with the ownership structure of the company’s subsidiary Damsila Exports Pvt Ltd.
Capital Metals shares fell 15% to 1.00 pence each in London on Monday afternoon.
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