Sri Lankan government looking at diversifying country’s mineral deposits
Sri Lanka’s Industry and Commerce Ministry has stated that while the country’s mineral deposits in Pulmoddai will remain under Government ownership, plans are underway to diversify into new products and build a new processing plant in Kokilai.
“Neither the Government nor this Ministry has approved transfer of the Pulmoddai mineral sand deposits,” Sri Lanka’s Industry and Commerce Minister Rishard Bathiudeen has said during a meeting with top officials from the mineral company recently.
Lanka Mineral Sands Ltd. (LMSL), Sri Lanka’s pioneering mineral sands producer, marked its 61th anniversary recently.
The key products marketed by the company are ilmenite, rutile, zircon, and ilmenite, with by-products. In 2018, LMSL has reported Rs. 676 million in profits.
LMSL plans to diversify into new products and locations, expanding to value added products and establishing a new mineral processing plant in the vicinity of Kokillai in 2019/20.
OSL take:
The move by the Sri Lankan government to diversify into new products the country’s mineral deposits is a business/investment opportunity that will be attractive to many foreign businesses/investors. Local companies could also look at forming partnerships with foreign businesses to engage in doing business with local mineral deposits.
| Article Code : | VBS/AT/09042019/Z_4 |