Press briefing of Cabinet Decision taken on 2016-01-27

Natural Mineral Resources Policy for Sri Lanka

- A formal document on the spread and extent of diverse resources of minerals in Sri Lanka, has not yet been prepared. The potential value of these existing resources has increased, due to reasons such as the creation of high-end products through the use of such resources and the expansion of technical knowledge in utilizing the same. Many of the mineral resources available in Sri Lanka are exported without value addition and for this reason, we have not been able to derive the highest economic benefits from these resources. Although a one (01) kg of Ilmenite, found in the area of Pulmuddai, yields only Rs.40/-, when it's value-added as pharmaceutical grade Titanium Dioxide, it will receive Rs.450,000/- per kg. Therefore, considering the above matters, the proposal made by Hon. Susil Premajayantha, the Minister of Science, Technology and Research, to appoint a Cabinet Sub‑Committee, for the purpose of formulating a National Policy for Sri Lanka on Natural Mineral Resources, with a view to putting an end to the exportation of local mineral resources without any value addition, was approved by the Cabinet.