logo-loader
viewCeylon Graphite Corp

Ceylon Graphite given green light for production at K1 after Sri Lanka grants mining license

The license is the highest category license in Sri Lanka and grants it exclusive rights to mine, process and trade in graphite mined within the project area

Ceylon Graphite - Ceylon Graphite given green light for production at K1 after Sri Lanka grants mining license
Graphite mined in Sri Lanka is known to be some of the purest in the world

Ceylon Graphite Corp (CVE:CYL) (OTCMKTS:CYLYF) received a major boost on Monday after it was granted a mining license for its K1 graphite project in Sri Lanka, the final milestone before commercial production.

The country’s mining regulator, the Geological Survey and Mines Bureau (GSMB), granted the industrial mining license category A to Ceylon’s wholly owned subsidiary Sarcon Development (Pvt) Ltd.

The license is the highest category license in Sri Lanka and grants the company exclusive rights to mine, process and trade in graphite mined within the project area.

READ: Ceylon Graphite gets nod from Sri Lanka’s Central Environmental Authority for graphite mining project

“This is a huge development for Ceylon Graphite and is what we have all been working towards for the last two and a half years,” said Bharat Parashar, Ceylon’s CEO.

“Historically the GSMB has granted just four IMLA licenses for graphite mining in Sri Lanka including the Sarcon/Ceylon Graphite license,” Parashar said in a statement.

“We have achieved this license in a short period of time thanks to the hard work of all our Sri Lankan colleagues. I must also thank the GSMB for their assistance and guidance. Today, we start the process to commence commercial production at our K1 site.”

The Vancouver-based company will now be able to begin production from K1, which is in Karasnagla, Sri Lanka.

Sri Lankan authorities granted Ceylon its environmental permit for K1 last week.

Shares of Ceylon Graphite gained 4% on Monday morning at C$0.13 in Toronto.

-- Adds share price--

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Quick facts: Ceylon Graphite Corp

Price: 0.135 CAD

TSX-V:CYL
Market: TSX-V
Market Cap: $9.08 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Ceylon Graphite Corp named herein, including the promotion by the Company of Ceylon Graphite Corp in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Ceylon Graphite readying for first production in early 2020

Proactive Research analyst Christopher Ecclestone updates on the development of Ceylon Graphite Corp's (CVE:CYL) mines in Sri Lanka. Ecclestone says they've received environmental approvals for its K1 mine and has recently gained an industrial mining licence with first production likely in...

on 8/10/19

2 min read