LONDON - Capital Metals PLC (AIM: CMET), a UK-based mineral sands company, announced it will host an investor webcast on Friday to discuss the reduced capital expenditure (capex) plan for the initial stage of production at its Eastern Minerals Project in Sri Lanka. The presentation will include a question-and-answer session with Executive Chairman, Greg Martyr.
The webcast is scheduled for 11 a.m. GMT on Friday, 6 December 2024, and will be available via the Investor Meet Company platform. A recording of the event will later be posted on the company's website. Investors can register for the webcast through the Investor Meet Company website and may submit questions in advance until 9 a.m. on Thursday, 5 December 2024.
The company's focus during the webcast will be on leveraging the high-grade mineral sands at the project to implement a simpler mining process, which is expected to reduce the initial capital expenditure. No new material financial information will be disclosed in the webcast.
Capital Metals is currently in the stage of developing the Eastern Minerals Project, located approximately 220 kilometers east of Colombo, Sri Lanka. The project, which includes industrial minerals such as ilmenite, rutile, zircon, and garnet, is recognized as one of the highest-grade mineral sands projects worldwide. A third-party Preliminary Economic Assessment conducted in 2022 estimated the project's net present value (NPV) to be between US$155 million and US$235 million, based on existing resources.
The company has emphasized its commitment to modern mining practices and the anticipated socioeconomic benefits for Sri Lanka, including the creation of over 300 direct new jobs and the contribution of over US$130 million in government royalties and taxes.
This update is based on a press release statement issued by Capital Metals. The company's latest investor presentation, which includes details of the revised capex estimate for Stage 1 of the project, can be found on their website.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.