Sri Lanka’s state owned LMSL to set up processing plant later this year
Sri Lanka’s Minister of Industry and Commerce Rishad Bathiudeen has said that the government-owned mineral sands miner planned to set up a processing plant later this year.
Lanka Mineral Sands Ltd. (LMSL), which comes under the purview of the Ministry of Industry and Commerce mines beach mineral sands in Pulmoddai on the northeast coast, a statement issued by the Ministry stated.
“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,” the statement has noted
The key products that the company markets are ilmenite, rutile, zircon, and ilmenite by-products. In 2018, LMSL reported a Rs. 676 million net profit after tax, the statement has further noted.
Bathiudeen has also been quoted as saying there were no plans to sell the profitable Pulmoddai mineral sand deposits.
OSL take:
The setting up of a processing plant in Sri Lanka by LMSL would further boost the sale of local minerals in the global market. The value addition process would make local minerals more competitive in the global market. Therefore, foreign businesses could explore business opportunities in Sri Lanka’s mineral sands market.
| Article Code : | VBS/AT/25032019/Z_7 |