Name of the Project
Mannar Island heavy mineral sands project.

Location
North-west Sri Lanka.

Project Owner/s
Titanium Sands. 

Project Description
Mannar Island is an ilmenite feedstock project, with minor credits from other mineral components.

This zone contains 82-million tonnes at 6.03% total heavy minerals (THM) on a lower-grade cutoff of 3% out of the total current mineral resource estimate of 187-million tonnes at 5.36% THM on a 3% THM lower cutoff.

A scoping study published in May 2023 envisages a single dredge continuously mining a 10 km
x 1 km wide zone at four-million tonnes a year over 20 years (Stage 1).

Expansion opportunities for a second and, possibly, a third dredge exist to increase production to between 8-million tonnes and 12-million tonnes respectively, and indicate further studies into expanded processing capacities are warranted.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The scoping study has an estimated net present value at a 10% discount rate of A$545-million, based on the Stage 1 scenario, and an internal rate of return of 52%, with a potential capital payback of within two years.

Capital Expenditure
A$122-million.

Planned Start/End Date
Construction could start in 2024, subject to regulatory approvals, financing, market conditions and other factors, the project could start operating in 2025.

Latest Developments
None stated.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
Titanium Sands MD Dr James Searle, tel +61 8 9481 0389 or email james.searle@titaniumsands.com.au.