Australian mineral sands miner to increase resource base in Sri Lanka
Australian mineral sands miner Titanium Sands Ltd. (TSL) is reportedly looking at increasing its resource base in Sri Lanka with shareholder approval to buy firms with mining rights for high-grade ilmenite deposits in Sri Lanka’s north-western Mannar Island.
Titanium Sands Ltd. (TSL) has an agreement with Srinel Holdings Ltd. to acquire the rights to the deposits on Mannar Island in exchange for TSL shares, the local media has stated.
The acquisition, approved at a shareholder meeting recently, means ISL will have increased its heavy mineral sands resources eight times over in a year, reports further state.
According to reports, Titanium Sands has been doing test drilling at its Mannar Island project site where it has five exploration licences covering 166 square kilometres with heavy mineral sands deposits and the company’s proposed acquisition would increase the size of its Mannar mineral sands project to about 85 million tonnes.
Titanium Sands had earlier entered into a conditional sales agreement to acquire a group of companies that hold a 38 square kilometre area with mineral sand deposits that complements its deposits at Mannar Island, local media reports have added.
OSL take:
The move by the Australian mineral sands miner to increase its resource base in Sri Lanka would further strengthen bilateral business relations between Sri Lanka and Australia. Sri Lanka boasts of many mineral deposits that could be mined for manufacturing purposes. This is yet an untapped business area with great business potential. Foreign businesses/investors could explore business opportunities in Sri Lanka’s mineral sands sector.
| Article Code : | VBS/AT/20191127/Z_9 |