Titanium Sands Ltd (ASX:TSL) is in a trading halt ahead of an update on the company’s Mannar Island Project in Sri Lanka.
The trading halt will remain in place until the beginning of trade on Wednesday, July 1, or when an announcement is released to the market, whichever occurs first.
Shares last traded at 4.9 cents and in the period from April 23 have traded in the range of 3.4 cents to 8.3 cents.
Study demonstrates dredging potential
Titanium Sands’ positive scoping study for the Mannar Island Heavy Mineral Sands (HMS) Project in Sri Lanka has revealed the potential for an economically robust, long-life major dredging project.
The study shows the potential for a viable project based on a single dredge, a primary concentrator and a mineral separation plant.
Managing director Dr James Searle said: “The scoping study has indicated the potential for an economically robust long-life project which gives TSL the confidence to examine more definitive studies expanding the project concept to a second or even third dredge and commensurately larger processing capacities.”
Mannar Island is an ilmenite feedstock project with minor credits from other mineral components and the product is expected to find a ready market with titanium slag and sulphate route pigment producers in the Middle East, Korea, India and China.