Written by Hassaan Shazuli
02 Jul, 2020 | 10:25 pm
COLOMBO (News1st): Australian company Titanium Sands Ltd. does not hold licences to carry out exploration on Mannar Island, despite making claims to that effect, a News1st investigation has found.
Titanium Sands Ltd. had said it is carrying out exploration on Mannar Island using nine licences that belong to the subsidiaries of two Mauritius companies named Srinel Holdings Ltd. and Bright Angel Ltd that it has accquired.
According to the Geological Survey and Mines Bureau, licences have been issued to Kilsythe Exploration Pvt. Ltd, Supreme Solutions Pvt. Ltd., Hammersmith Ceylon Pvt. Ltd., Sanur Minerals Pvt. Ltd., and Orion Minerals Pvt. Ltd.
However, the Geological Survey and Mines Bureau, which issues licences, confirmed that the five licence holders have not informed that they are owned by a Mauritius company.
Company records inspected by News 1st also do not show the involvement of a Mauritius company in respect of the five licence holders.
In a report, Titanium Sands Ltd. said it had supervised exploration activities that had been carried out by Srinel Holdings Ltd. on Mannar Island since 2015.
However, a News 1st investigation has shown that Titanium Sands Ltd. had acquired all shares of Srinel Holdings Ltd. only in 2018.
15 Jul, 2020 | 10:16 PM
25 Jun, 2020 | 10:08 PM
Are you interested in advertising on our website or video channel
Please contact us at [email protected]