Ambeon diversifies with strategic stake in UK-backed mining venture

Ambeon Capital PLC is entering Sri Lanka’s mineral sands sector, with a Rs.600 million investment in the high-grade Taprobane Minerals Project in the Eastern province, marking its latest move to diversify beyond its traditional investment base.

The company will acquire a 14.1 percent stake in Capital Metals PLC, the London-listed firm promoting the project, in exchange for its investment. 

“The project is one of the highest-grade mineral sand projects globally, with potential for further upgrade and resource expansion,” Ambeon said in a stock exchange filing.

The investment will be made through Redgate Lanka (Pvt.) Ltd, the local subsidiary of Capital Metals, which holds the necessary exploration and industrial mining licences. Ambeon’s stake will be issued as 59.7 million ordinary shares in Capital Metals and will be listed on the London Stock Exchange.

The filing noted that the deal would also give Ambeon access to Capital Metals’ broader international growth plans.