Capital Metals PLC Response to Reports of Minister's Expulsion (6143P)
October 10 2023 - 2:00AM
UK Regulatory
TIDMCMET
RNS Number : 6143P
Capital Metals PLC
10 October 2023
10 October 2023
Capital Metals plc
("Capital Metals" or the "Company")
Response to Reports of Minister's Expulsion
Capital Metals (AIM: CMET), a mineral sands company approaching
mine development stage at the high-grade Eastern Minerals Project
in Sri Lanka (the "Project"), is pleased to note that the Supreme
Court in Sri Lanka has determined a decision by the Sri Lanka
Muslim Congress to expel Minister Naseer Ahamad from its party
membership to be legally valid. As a result of his expulsion, Mr
Ahamad has lost his parliamentary seat and therefore his position
as Minister of Environment with responsibility for the Geological
Survey and Mines Bureau ("GSMB").
Mr Ahamad and the Chairman of the GSMB, whom the Minister
appointed to the position, were named by the Company as respondents
in the Company's legal proceedings instituted in the Court of
Appeal of the Democratic Socialist Republic of Sri Lanka ("Court"),
seeking the intervention of the Court in respect of the notice of
cancellation of the Company's Industrial Mining Licences ("IMLs")
issued by the GSMB.
As previously announced, the conduct of Mr Ahamad and the
Chairman of the GSMB is also under scrutiny from the Committee on
Public Enterprises in Sri Lanka which has appointed an independent
sub-committee to investigate misappropriation, as has been widely
reported in Sri Lankan media.
Greg Martyr, Executive Chairman, commented:
"This is a positive development resulting in the removal from
office of the minister we believe to be primarily responsible for
the illegal interference with our licences. This, together with the
recently approved change in mineral licensing procedures, which
transfers certain responsibilities to the Board of Investment,
should bode well for our situation but also more generally for the
country as it takes steps to improve governance.
We continue to await the outcome of our statutory appeal against
the attempted cancellation of our licences which was heard by the
Secretary of the Ministry of Environment two weeks ago and are
confident of a positive outcome."
For further information, please visit www.capitalmetals.com or
contact:
Capital Metals plc Via Vigo Consulting
Greg Martyr (Executive Chairman)
Vigo Consulting (Investor Relations) +44 (0)20 7390 0234
Ben Simons / Peter Jacob capitalmetals@vigoconsulting.com
SPARK Advisory Partners (Nominated
Adviser)
Neil Baldwin / James Keeshan +44 (0)20 3368 3554
Tavira Financial
Jonathan Evans / Oliver Stansfield +44 (0)20 7100 5100
About Capital Metals
Capital Metals plc is a British company listed on the AIM
segment of the London Stock Exchange and one of only a few foreign
investors in Sri Lanka's mining industry. After investing US$11
million in exploration and development activities including
detailed environmental assessments between 2017 and 2022, the
Company's Sri Lankan subsidiary, Damsila Exports (Pvt) Limited, was
issued an initial two licences in August 2022 to mine heavy mineral
sands in the Eastern Province, containing industrial minerals
including ilmenite, rutile, zircon, and garnet.
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