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Iluka begins investment talks on Sri Lanka ilmenite deposit

ECONOMYNEXT – Australian mineral sands miner Iluka Resources Ltd. has said it has completed initial environmental appraisals of its Sri Lankan deposit and began talks with the government on investment and legal terms.

The company, one of the world’s biggest producers of minerals sands, has a large ilmenite deposit in Puttalam on the island’s northwest coast.

“The Puttalam project focus remained on government negotiations with respect to the legal and investment terms for the development and on a scoping study on the deposit, which is now complete,” Iluka said in its September quarter report.

The ‘scoping study’ phase is a preliminary study done early in mining projects based on inferred resources, that precedes a full feasibility study.

The company, which produces zircon and rutile used in paints, ceramics and other products, said it has started on the next phase project planning activities.

Iluka acquired access to the ilmenite deposit in Puttalam before the ethnic war but left when the war intensified, and resumed exploration activities in Sri Lanka after the war ended in 2009.  (Colombo/October 15 2015)

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