Capital Metals Reduces Capex and Fast-Tracks Production for Sri Lanka Project

Capital Metals plc ( (GB:CMET) ) has shared an announcement.

Capital Metals announced its unaudited interim results for the six months ending September 2024, highlighting a reduction in initial capital expenditure for the Eastern Minerals Project in Sri Lanka by one-third to $20.9 million. The company is expediting cash flow by fast-tracking production and aiming for a self-funding model. With dialogues ongoing with financiers and partners, the company plans to make a final investment decision by Q2 2025, targeting production commencement within 9-12 months. Efforts are underway to enhance resource growth through planned drilling and strategic partnerships, while community engagement is deepening as the project nears development.

More about Capital Metals plc

Capital Metals plc is a UK-based company listed on the London Stock Exchange, focusing on developing the Eastern Minerals Project in Sri Lanka. This project involves extracting industrial minerals such as ilmenite, rutile, zircon, and garnet. The company is committed to using modern mining practices to benefit Sri Lanka and the local community, aiming to create over 300 new jobs and contribute significant government royalties and taxes.

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Average Trading Volume: 975,425

Technical Sentiment Consensus Rating: Buy

Current Market Cap: £6.55M

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