Australian mineral sands firm increases Sri Lanka deposits with acquisition
ECONOMYNEXT – Australian mineral sands miner Titanium Sands Ltd. will increase its resource base in Sri Lanka with shareholder approval to buy firms with mining rights for high-grade ilmenite deposits in the 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 acquisition, approved at a shareholder meeting Tuesday, means ISL will have increased its heavy mineral sands resources eight times over in a year.
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.
Titanium Sands’ 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 sale 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.
(COLOMBO, 26 November 2019)