Lanka Graphite Ltd (ASX:LGR) has completed a feasibility study on development options for the vein graphite and graphene industry in Sri Lanka.
This could involve graphite assets owned by the government.
The feasibility study is a progression from the memorandum of understanding signed with the Sri Lankan government in December, 2015.
Next step would be a formal agreement with the Sri Lankan government.
Alongside the MOU, Lanka 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.
Lanka Graphite was formerly MRL Corporation Ltd.
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