Capital Metals PLC – a company specializing in mineral sands that is gearing up to develop a mine as part of the high-grade Eastern Minerals project in Sri Lanka – announces that discussions with LB Group will now continue on a non-exclusive basis, after the board of directors decided not to renew the exclusivity beyond December 31st. LB Group is a manufacturer of high-performance titanium dioxide pigments and sponges. LB Group explains that this decision was made due to additional interest in project financing for production, following the full restoration of industrial mining licenses announced in December.
Executive Chairman Greg Martyr states: “As we continue to work with LB Group to advance the memorandum of understanding announced on May 9, 2023 towards a definitive agreement, the company’s overall opportunities have broadened, and we have determined that it is in the best interests of all stakeholders to be free to pursue additional financing options and structures alongside negotiations with LB Group to deliver the project in a timely manner and maximize value.”
Current share price: 3.30 pence, down 20% in London on Friday
12-month change: +48%.
By Holly Beveridge, journalist at Alliance News
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