Ambeon enters mineral sand biz in East with UK-listed firm

Friday, 30 May 2025 00:25 - - {{hitsCtrl.values.hits}}

Invests Rs. 600 m initially to take up 14% stake in project company

With a view to diversifying its investment portfolio, Ambeon Capital PLC has decided to invest in and become a stakeholder of a project for the mining, processing, and sale of mineral sand (which contain industrial minerals including ilmenite, rutile, zircon, and garnet), in the Eastern Province.

As per a Colombo Stock Exchange (CSE) filing by Ambeon, the venture “Taprobane Minerals Project” is one of the highest-grade mineral sand projects globally, with potential for further upgrade and resource expansion.

The Project is promoted by a company incorporated in the UK named Capital Metals PLC (Capital Metals).

Capital Metals is listed on the London Stock Exchange. The Project will be carried by Capital Metals through two companies in Sri Lanka that hold exploration and industrial licences to explore for and mine mineral sand, and Capital Metals will hold shares in these two companies through its wholly owned subsidiary in Sri Lanka, Redgate Lanka Ltd., (Project Holding Company).

The initial investment to be made by Ambeon Capital in the Project is Rs. 600 million and this initial investment will be made by Ambeon Capital on or before 4 June 2025 in Sri Lankan Rupees in the Project Holding Company (which will be utilised in Sri Lanka for purposes of the Project).

In consideration of the initial investment, Capital Metals will issue to Ambeon Capital 59,701,000 ordinary shares in Capital Metals representing 14.1 % of the total issued ordinary shares thereof. These shares will, once issued to Ambeon Capital, be listed immediately on the London Stock Exchange. The stake that Ambeon Capital will receive and hold in Capital Metals will enable Ambeon Capital to be part of Capital Metals’ global expansion as well.

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