Sri Lanka focuses on maximizing productive use of local mineral resources
The government of Sri Lanka is to focus on maximizing the productive use of local mineral resources to boost foreign exchange earnings.
A proposal to this effect was presented by Sri Lanka’s Industries Minister Wimal Weerawansa to the Cabinet of Ministers.
The Cabinet of Ministers has approved the Minister’s proposal to appoint a committee of experts to present a complete study of areas where minerals are located and the extent of deposits and quantities as well as recommend potential products that can be developed.
Sri Lanka’s mineral resources with an economic value have been identified under four categories: energy minerals; minerals within the category of ferrous and ferroalloy family; non-ferrous minerals and minerals coming under the category of non-metal minerals.
At present Lanka Mineral Sands Ltd. and Kahatagaha Graphite Lanka Ltd. excavate, refine and export the minerals, namely ilmenite, zircon, rutile and graphite while the National Gem and Jewellery Authority and the Gem and Jewellery Research Centre are engaged in gem-related activities, according to local media reports.
“The experts’ study and recommendations will help to plan a proper programme to harness the identified but underutilised minerals formally for economic purposes,” the government has stated.
OSL take:
Sri Lanka has a vast amount of minerals that are yet to be used in a productive manner. The exploration of minerals in Sri Lanka therefore is a new growing business/investment opportunity. With Sri Lanka’s economy on a growth path and the country working towards becoming an emerging business destination in the South Asian region, the expanding opportunities in Sri Lanka present lucrative business/investment opportunities. Foreign businesses could explore the mineral deposits in the country and look at harnessing their business potential.
| Article Code : | VBS/AT/23092021/Z_4 |