Friday, 03 July 2020 07:22

Titanium Sands false claim of possessing mineral licenses exposed

In another twist of mineral searching endeavour in the island, Australian company Titanium Sands Ltd’s false claim of possessing necessity licenses has been exposed. 

Titanium Sands Ltd does not hold licences to carry out exploration on Mannar Island, despite making claims towards this end, official sources said.

This company said that 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 acquired.

According to the Geological Survey and Mines Bureau, licences have been issued to Kilsythe Exploration Pvt. Ltd, Supreme Solutions Pvt. Ltd., Hammer smith 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 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, itanium Sands Ltd. had acquired all shares of Srinel Holdings Ltd. only in 2018, a senior official of the Geological Survey and Mines Bureau said.

(LIN)

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