June 08, Colombo: Lanka Graphite Ltd, formerly known as MRL Corporation Ltd, has completed a feasibility study on development options for the vein graphite and graphene industry in Sri Lanka.
The feasibility study is a progression from the memorandum of understanding signed with the Sri Lankan government in December, 2015 and could involve graphite assets owned by the government, a market disclosure to Australian Securities Exchange said.
Next step for the company would be a formal agreement with the Sri Lankan government.
Alongside the MOU, Lanka Graphite is progressing separate graphite projects to a drill-ready stage and is completing graphene research through a collaboration agreement with a university in Taiwan.
Recent geological mapping has identified economic vein graphite over three tenements in south-western Sri Lanka. Detailed geophysical surveying is now planned to enable drilling plans.