The Cabinet in August 2023 approved several proposals by President Ranil Wickremesinghe aimed at promoting foreign and local investment in the country’s mineral industry to boost revenues in a sector which has been long dragged by corruption.

“These projects have been hanging there for years. These projects are trying to engage for 10 years, 12 years, 15 years. All of these are stuck due to this unfeasible regulation. That is why we have changed the regulation,” he said referring to value addition from the first day.

According to the Board of Investment (BOI) data, Sri Lanka has 7.5 million metric tons (MT) of Ilmenite/Rutile/Zircon deposits in both Eastern coastal town of Pulmudai in Trincomalee district and Northwestern coastal town of Puttalam), 45,000 MT of graphite, and 60 million MT of Apatite.