MRL is acquiring the rights to 45 square kilometers of prime exploration vein graphite licences in Sri Lanka.
The license areas are situated in the Warakapola (northern), Palinda Nuwara (central) and Hikkaduwa (southern) locations and are highly prospective for vein graphite mineralisation.
Historically, the shallow underground workings were mined in the early 1900s using basic techniques.
Operation ceased due to lack of ventilation and pump availability, which resulted in ground water.
Extensive remnant vein graphite is visible on the surface at all license locations.
MRL intends to apply for further license areas in the future.
Why Sri Lanka
Sri Lanka is one of the fastest growing economies with a GDP of 8% between 2010 and 2012
The Sri Lankan government is promoting foreign private sector investment
There is excellent infrastructure and experienced mining labour available
The country is English speaking with a high literacy rate of >92%
Sri Lanka is run by a democratic government, and is a member of the Commonwealth
There is excellent exploration and mining tenure available
Subject to Board of Investment approval to mine high grade vein graphite for export, MRL may receive: